Issues about the Pensions’ lifetime allowance have been proving particularly challenging for advisers recently. Sharing her reaction to the HMRC Newsletter on the lifetime allowance (LTA) which has been issued today, Clare Moffat (pictured), Pensions Expert at Royal London said:
“With less than two months to go until the removal of the lifetime allowance, today’s update by HMRC is a welcome clarification on the rules for those responsible for advising clients. This is especially true in relation to transitional tax-free amount certificates, which we receive the most queries about, along with questions on the implications of the changes on those who have already taken benefits but who will take more after 6 April.
“However, there are still unanswered questions. HMRC state that more information will follow in the coming weeks in future newsletters and guidance. We look forward to seeing that clarity to ensure advisers can give their clients appropriate advice.”
