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Pension changes and tax year end

Published  31 January 2024
   60 min CPD

Join Senior Intermediary Development and Technical Managers Justin Corliss and Fiona Hanrahan for our first webinar of 2024.

During this session, Justin and Fiona will talk about how the changes announced in the Spring Budget 2023 affect your tax year end planning. Changes to the annual allowance, money purchase annual allowance and tapered annual allowance will likely mean your clients can pay in more this tax year end than in previous years. Importantly without a tax charge applying. They’ll look at how carry forward differs from previous years to ensure clients make the most of their available allowances. 

As a result of these changes, they’ll also talk about some other tax year end opportunities for your individual clients, as well as your business owner clients using case studies where relevant.

Justin and Fiona will also talk about the changes coming in from 6 April 2024 related to the removal of the lifetime allowance (LTA). In particular, how the lump sum allowance and the lump sum and death benefits allowances will operate. They’ll use case studies to help your understanding of how these work and consider how these allowances will be reduced for your clients who take or have taken benefits before 6 April 2024. They’ll also cover off how LTA protections will operate going forward.

CPD learning outcomes - 60 minutes

At the end of this session, you’ll be able to:

  • Describe the changes to pensions and how they affect your tax year end planning.
  • Explain how the removal of the lifetime allowance affects your clients from 6 April 2024.
  • Identify the opportunities for your clients arising from the Spring 2023 Budget.

What’s covered

  • How Spring Budget 2023 affects your tax year end planning
  • How carry forward differ from previous years
  • Opportunities for your individual clients
  • How LTA protections will operate
  • View and download the webinar slides (PDF)

CPD certificate of completion

Once you've watched the webinar, simply complete the short quiz below and give us a few details in order to receive a CPD certificate of completion.

Check your knowledge

To gain your CPD certificate answer the following questions.

1. What is the maximum annual allowance in 2023/24 for a client who hasn’t made a contribution since 2015 due to applying for Fixed Protection 2016?
2. Which of the following would reduce the lump sum allowance (LSA)?
3. Which of the following would NOT reduce the lump sum and death benefit allowance (LSDBA) if paid after 6 April 2024?
4. Which of the following is NOT eligible to use carry forward?
5. For someone with UK relevant earnings of £70,000 and no carry forward of annual allowance available, which one of these statements is TRUE?

CPD certificate details

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