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Pension allowance increase to 60K

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    Pension allowance increase to 60K

    So, the pension increase to 60K a year that is planned. On the face of it this might make inside IR35 roles appealing if can push more to a pension rather than hand over in high tax rates / bands.

    Hopefully can top up past years as well.

    Source:


    https://www.bbc.co.uk/news/business-64949083

    #2
    How can you possibly top up past years? surely its only from 2023 onwards

    Certainly long overdue, should bring multiple benefits

    Comment


      #3
      I wouldn't expect the annual limit to be applied retrospectively. 40k for past years, 60k going forward from the new tax year

      Comment


        #4
        Labour will overturn it when they get in next year.
        Do what thou wilt

        Comment


          #5
          Originally posted by Dark Black View Post
          Labour will overturn it when they get in next year.
          Indeed. They have already said so.
          Public Service Posting by the BBC - Bloggs Bulls**t Corp.
          Officially CUK certified - Thick as f**k.

          Comment


            #6
            Originally posted by Dark Black View Post
            Labour will overturn it when they get in next year.
            they will overturn the removal of the lifetime cap. Not sure they'll reduce the annual cap.
            See You Next Tuesday

            Comment


              #7
              Originally posted by Lance View Post

              they will overturn the removal of the lifetime cap. Not sure they'll reduce the annual cap.
              £60,000 is basically where it should be if it had increased by inflation.

              Lifetime cap will likely return. And the 25% tax fee lump sum will be kept at £250,000 for evermore.
              merely at clientco for the entertainment

              Comment


                #8
                I read somewhere that the lifetime cap change doesn't kick in until 2024, less than a year before the next GE, is that the same for the annual allowance?

                Comment


                  #9
                  Originally posted by ladymuck View Post
                  I read somewhere that the lifetime cap change doesn't kick in until 2024, less than a year before the next GE, is that the same for the annual allowance?
                  All of these changes apply from 6 April 2023.

                  Comment


                    #10
                    Originally posted by jamesbrown View Post

                    All of these changes apply from 6 April 2023.
                    https://www.telegraph.co.uk/pensions...r-2023-budget/

                    The lifetime allowance (LTA) caps the amount that workers could save into their pension tax-free at £1.073m. However, the LTA charge will now be removed starting from April 2023, and abolished entirely from April 2024.
                    What does that mean then?

                    Comment

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