Pension Tax Relief Consultation

HMRC have published for comment and are seeking views on the draft legislation regarding individual protection from the Lifetime Allowance and have given until 2 September 2013.

The consultation for 2014/15 onwards that the Annual Allowance be reduced from £50,000 to £40,000 and the Lifetime Allowance be reduced to £1.25m from £1.5m.  The consultation document also details government proposals to implement and individual protection regime to accompany teh reduction in the pensions lifetime allowance.