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Where Taxpayers and Advisers Meet
Pensions: new annual and lifetime allowances published
04/03/2007, by Sarah Laing, Tax News - Business Tax
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The Registered Pension Schemes (Standard Lifetime and Annual Allowances) Order 2007 (SI 2007/494) has been laid before Parliament and comes into force with effect from 6 April 2007.

These regulations set out the standard lifetime allowance and annual allowance for pension contributions purposes for 2007-08 to 2010-11 inclusive.

The standard lifetime allowance will be as follows:

 Tax year Allowance
 2007/08 £1,600,000
 2008/09 £1,650,000
 2009/10 £1,750,000
 2010/11 £1,800,000

The annual allowance will be as follows:

 Tax year Allowance
 2007/08 £225,000
 2008/09 £235,000
 2009/10 £245,000
 2010/11 £255,000

 

About The Author

Sarah Laing
Editor, TaxationWeb News

Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences).

Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession.

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