With the abolishment of the Lifetime Allowance earlier this year, it is important to understand how the changes can affect your personal circumstances.
HMRC have been working with interested parties on the rules for 24/25 and beyond and confirmed, from April 2024, lifetime allowance will cease to exist completely.
With it, there will be a number of changes – including the introduction of two new allowances – Lump Sum Allowance (LS) and Lump Sum and Death Benefit Allowance (DBA).
For a summary of the changes, click here: Life after LTA begins to take shape (abrdn.com)
