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Displaying items by tag: lifetime allowance
Thousands of pension savers have breached lifetime allowance ‘protections’ in the past 12 years, potentially landing themselves with tax bills running into hundreds of thousands of pounds.
A recently-published court ruling could open HMRC up to new claims from investors who accidentally lose lifetime allowance ‘protection’ by forgetting to stop paying contributions to their schemes.
With September’s CPI figures now being released we know what next year’s Lifetime Allowance (LTA) will be - £1,054,800. Whilst hardly a dizzying increase we are at least crawling in the right direction after years of being pegged back. I get a few surprised looks when I remind people that the original version of Finance Act 2004 included a clause that the standard lifetime allowance could only increase.
Nearly six out of 10 financial advisers want the pensions lifetime allowance abolished, according to a poll of 102 advisers by SIPP provider Momentum.
This year's AMPS annual conference was a great success with a 120 attendees and a wide and varied range of subject matter covered. As always there were number of topics which will be of interest to advisers.
Albert Einstein once said that "the hardest thing to understand in the world is income tax".
The recent Budget announcement by the Chancellor that he would reduce the Grand Old Duke of Pensions - the lifetime allowance (LTA) - to £1m from 6 April 2016 will mark the eighth change in the LTA since its introduction in 2006 and this excludes personalised LTA afforded by certain forms of protection.
A Sipps administrator has expressed disappointment that the lifetime allowance is to be cut from £1,250,000 to £1m.
AMPS Conference attendees say that the death of annuities is premature but the lifetime allowance must go. Some 77% of attendees agreed that the lifetime allowance should be abolished.
Britons are "sleep walking into a tax trap" with widespread ignorance about what the lifetime allowance is, a study has found.
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