Pensions tax relief: individual protection from the Lifetime Allowance charge
This consultation is about the detail and implementation of an individual protection regime to accompany the reduction in the pensions lifetime allowance.
Detail
The Government announced on 5 December 2012 that to support its objective of a system of pensions tax relief that is fair, affordable and sustainable, for 2014-15 onwards the Annual Allowance would be reduced from £50,000 to £40,000 and the Lifetime Allowance would be reduced from £1.5 million to £1.25 million.
This consultation document sets out the framework of how individual protection 2014 will work, and seeks views on aspects of the detail of this protection regime and the draft legislation.
Documents