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The online annual allowance calculator has been updated to reflect the increase to the annual allowance, adjusted income and money purchase annual allowance for the 2023 to 2024 tax year.
On June 30, 2023, HMRC published the latest edition of the
Pension schemes newsletter.
The online annual allowance calculator has been updated to
reflect the increase to the annual allowance, adjusted income and
money purchase annual allowance for the 2023 to 2024 tax year.
Following the announcement in the Spring Budget 2023 that from
April 6, 2023, the lifetime allowance charge would be removed, and
fully abolished from the 2024 to 2025 tax year, HMRC has recognised
the impact this would have on the payment of stand-alone lump sums.
A stand-alone lump sum is a payment that represents all a
member's uncrystallized rights under a scheme.
The Government has amended the Finance (No. 2) Bill to make
clear that any amount of a stand-alone lump sum over the April 5,
2023, maximum may still be paid to the member as a stand-alone lump
sum and where there is an excess, this is subject to the
member's marginal rate of Income Tax.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
