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Budget 2023: Positive Changes on Taxation of Pension Savings

The Chancellor announced in his budget statement yesterday the welcome news that the Lifetime Allowance, currently set at £1.07M, would be removed with effect from 6 Apr 2023 before being abolished in a future Finance Bill. He further announced that the Annual Allowance limit would be increased from £40k to £60k from tax year 2023/24. This means that in future fewer Royal Navy and Royal Marines personnel will be caught in what is often referred to as the pensions tax trap.

Budget 2023: Positive Changes on Taxation of Pension Savings

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