Lifetime Allowance 2018/2019
The lifetime allowance set by HM Revenue& Customs (HMRC) on the total value of pension benefits that an individual can receive without incurring an additional tax charge is currently £1million for the tax year 2017/2018.
The 2018/2019 lifetime allowance is expected to be increased in line with the previous September’s Consumer Price Index (CPI), rounded to the nearest £100.
On the 17th October 2017, the Office for National Statistics announced that the CPI for September 2017 was a five year high of 3%, so with this announcement, it would seem that the lifetime allowance for 2018/2019 tax year is £1,030,000.
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