Summer Budget 2015 – the changes to the Lifetime and Annual Allowance, some of them immediate
Our viewpoint
30 July 2015
The Summer Budget confirmed:
- the details of the tapered Annual Allowance (TAA) applying for high earners from 6 April 2016 – and to aid its implementation, the Chancellor also announced the aligning of Pension Input Periods (PIPs) to tax years for all individuals, with immediate transitional arrangements; and
- the reduction of the Lifetime Allowance (LTA) from £1.25m to £1m with effect from 6 April 2016 together with associated protection regimes.
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