Lifetime allowance | Practical Law

Lifetime allowance | Practical Law

Lifetime allowance

Lifetime allowance

Practical Law UK Glossary 8-201-6477 (Approx. 7 pages)

Glossary

Lifetime allowance

Introduced by the Finance Act 2004, but repealed from the start of the 2024/25 tax year, the total amount of pension saving by an individual within a registered pension scheme that received favourable tax treatment. In its final year, the lifetime allowance was fixed at £1,073,100, though some individuals were entitled to a higher lifetime allowance under transitional protections.