Pensions: Tax Allowances

Treasury written question – answered on 21st March 2023.

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Photo of James Murray James Murray Shadow Financial Secretary (Treasury)

To ask the Chancellor of the Exchequer, if he will place in the House of Commons Library a breakdown of the estimated costs of increasing the Pension Annual Allowance from £40,000 to £60,000 and the charge removal and abolishing of the Pension Lifetime Allowance, as announced in the Spring Budget 2023, HC 1183, published on 15 March 2023, in each year of the forecast period broken down by individual tax and by different tax heads including (a) Income Tax, (b) National Insurance, (c) Inheritance Tax and (d) Capital Gains Tax.

Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury

Information on the estimated cost breakdown of increasing the Pension Annual Allowance and the abolition of the Lifetime Allowance will be published in the supplementary fiscal tables of the Economic and fiscal outlook by the Office for Budget Responsibility at a later date.

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