Lifetime allowance breaches cost savers £185m in 2017/18

James Phillips
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The tapered annual allowance is believed to causing widespread problems
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The tapered annual allowance is believed to causing widespread problems

More than 4,500 pension scheme members breached the lifetime allowance in the 2017/18 tax year, an increase of 36% from the year before, according to HM Revenue and Customs (HMRC).

In data published today (26 September), the tax office revealed these savers had paid around £185m in charges as a result of the breach, up 29% from 2016/17. Meanwhile, a further 37,300 members exceeded...

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