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UK tax office considers changes to lifetime allowance protection

UK tax office considers changes to lifetime allowance protection

The UK tax office has decided to offer pension savers the ability to protect their entitlement to £1.25m lifetime allowance when a new lower limit is introduced on 6 April 2016, but is looking at changing the way individuals register for the protection.

In his latest Budget on 8 July, the chancellor George Osborne confirmed a widely expected cut in the lifetime allowance for pension savings to £1m from £1.25m ($1.95m, €1.79m) effective from the start of the next financial year. Please link to International Adviser to read the full article by Richard Hubbard.

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