The Spring Budget 2023 surprised everyone with big changes to the annual allowance and lifetime allowance for UK registered pension schemes. While the changes might seem simple, they open up a number of less obvious opportunities and challenges for pension savers. Some individuals should consider crystallising benefits in the current benign environment, while others should think about restarting pension savings. Whilst the inheritance tax exemption for pension schemes might encourage their use for succession planning, this should be approached with caution.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
The Spring Budget 2023 surprised everyone with big changes to the annual allowance and lifetime allowance for UK registered pension schemes. While the changes might seem simple, they open up a number of less obvious opportunities and challenges for pension savers. Some individuals should consider crystallising benefits in the current benign environment, while others should think about restarting pension savings. Whilst the inheritance tax exemption for pension schemes might encourage their use for succession planning, this should be approached with caution.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")