Wednesday, 22 August 2018

DAILY TAX TIP: Lifetime Pension Allowance.


Lifetime Pension Allowance.

The maximum amount of money you can accumulate in a pension is called the lifetime allowance. Any excess over the limit is taxed at 55% if the excess savings are taken as a lump sum and 25% if taken as taxable income. The lifetime allowance is currently £1,030,000 for 2018/19.

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