Introduction of personalised tax protection 2014 in relation to pension savings
For the tax year from 6 April 2014, the standard lifetime allowance (i.e. the total amount of tax-free pension savings that can be built up by a member in a registered pension scheme) has reduced from £1.5m to £1.25m. However, it was possible for individuals to protect their pension savings between £1.25m and £1.5m from the lifetime allowance charge by applying for Fixed Protection 2014. The deadline for applying for Fixed Protection 2014 was 5 April 2014…
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