Policy paper

Reduction of pensions lifetime allowance

This applies to individuals whose total UK tax relieved pension savings are near to or more than £1 million.

Documents

Draft clause 12

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Draft explanatory notes clause 12

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Details

This legislation will reduce the standard lifetime allowance from £1.25 million to £1 million for the tax year 2016 to 2017 onwards and increase the standard lifetime allowance each year by the increase in the consumer prices index from tax year 2018 to 2019 onwards.

Published 9 December 2015