Standard lifetime allowance
The history of standard lifetime allowance for the different tax years from 2006/07.
From 6 April 2024, the lifetime allowance was replaced with three new allowances:
- the lump sum allowance - £268,275
- the lump sum and death benefit allowance - £1,073,100
- the overseas transfer allowance - £1,073,100
| Tax year | Standard lifetime allowance |
|---|---|
| 2023/2024 | £1,073,1001 |
| 2022/2023 | £1,073,100 |
| 2021/2022 | £1,073,100 |
| 2020/2021 | £1,073,100 |
| 2019/2020 | £1,055,000 |
| 2018/2019 | £1,030,000 |
| 2017/2018 | £1,000,000 |
| 2016/2017 | £1,000,000 |
| 2015/2016 | £1,250,000 |
| 2014/2015 | £1,250,000 |
| 2013/2014 | £1,500,000 |
| 2012/2013 | £1,500,000 |
| 2011/2012 | £1,800,000 |
| 2010/2011 | £1,800,000 |
| 2009/2010 | £1,750,000 |
| 2008/2009 | £1,650,000 |
| 2007/2008 | £1,600,000 |
| 2006/2007 | £1,500,000 |
1 The UK Government announced in the 2023 budget that LTA will be abolished from 6th April 2024.
Lifetime allowance has been abolished.
More information
Disclaimer
The information provided is based on our current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice. Also it may not reflect the options available under a specific product which may not be as wide as legislations and regulations allow.
All references to taxation are based on our understanding of current taxation law and practice and may be affected by future changes in legislation and the individual circumstances of the investor.