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The UK government is on track to abolish the lifetime allowance (LTA) for pension savings by April 6th, 2024. This decision was announced in the Spring Budget and official documents released alongside the Autumn Statement speech on November 22nd confirmed that the government plans to legislate in the Autumn Finance Bill 2023 to remove the LTA. This action will also provide clarity on the taxation of lump sums and lump sum death benefits.
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Jenna Brown
Assistant Editor
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