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The UK government is on track to abolish the lifetime allowance (LTA) for pension savings by April 6, 2024. This means that individuals will no longer face tax charges for contributing too much to their pension pots. The announcement was made in the Spring Budget and official documents released alongside the Autumn Statement speech confirm that the government plans to legislate in the Autumn Finance Bill 2023 to remove the lifetime allowance. This legislation will also provide clarity on the taxation of lump sums and lump sum death benefits.
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Jenna Brown
Deputy Editor
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