Lifetime allowance and annual allowance changes for 2023-24 and from 2024-25
In the Budget on 15 March 2023, the Government announced several changes to the annual allowance, lifetime allowance and tax-free cash. This was followed by the Finance (No.2) Act 2023 which put some of these changes into legislation from 6 April 2023. Other changes announced in the Budget will not take effect until the 2024/25 tax year, and further draft legislation is currently out for consultation on these changes.