HM Revenue & Customs (HMRC) has launched a consultation on two new forms of protection for people caught unfairly by the government’s most recent cuts to the Lifetime Allowance (LTA).
Chancellor George Osborne announced in the 2012 Autumn Statement that from April 2014, the LTA on tax relieved pension savings will reduce from £1.5m to £1.25m, and the annual allowance (AA) will fall from £50,000 to £40,000. Osborne said at the time the government would consult on forms of protection for people whose savings are […]