Lifetime allowance for pensions increases to £1.05m
The standard lifetime allowance for pensions has increased by £25,000 in line with CPI inflation to £1,055,000 for the new tax year from 6 April.
The 2.4% rise, based on September 2018 CPI, brings the lifetime allowance to £1,055,000, up from £1,030,000 from 6 April 2019 for the 2019/20 tax year and is the lifetime limit for pension savings liable to standard tax rates before a higher tax charge is made.
Read more at the Accountancy Daily.
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