6 April: UK pension tax rules change, removing lifetime allowance and introducing 55% tax above threshold.
From April 6th, the UK will see one of the biggest tax rule changes for pensions in 20 years. The Finance Bill, approved in February, will remove the lifetime allowance, which previously meant the first £1,073,100 saved for pensions was tax-free, with a 55% tax rate for anything taken out over that amount. The changes aim to "encourage people to stay in work and utilise their expertise for longer", as stated by Treasury minister Nigel Huddleston.
March 28, 2024
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