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Tax grab from UK lifetime allowance limit rises sharply

Tax grab from UK lifetime allowance limit rises sharply

The amount of tax the UK government collects from pension savers who have breached their lifetime allowance (LTA) has almost quadrupled since George Osborne became chancellor, The Sunday Times reported. Using a Freedom of Information request, the newspaper found that in tax year 2009-10 - the year before Osborne became chancellor - savers paid around £25m ($34.6m, €31.8m) in tax on the pensions for breaching the LTA. Please link to International Adviser to read the full article by Richard Hubbard.

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