HMRC has said that it intends to issue a second set of regulations changing the legislation governing the lifetime allowance abolition.

The Government has issued a new Financial Bill which includes the legal mechanism for the abolition of the pensions Lifetime Allowance (LTA).

The number of people paying tax penalties for exceeding the annual or lifetime limits on pension tax relied rose sharply between the 2020/21 and 2021/22 tax years, according to new figures from HMRC.

Financial advisers and Paraplanners believe more clients will use pension pots to pass wealth on to dependants after the abolition of the Lifetime Allowance (LTA), according to a new survey.