Finance (No. 2) Act 2023 (c. 30)

Part 1 U.K. Income tax, corporation tax and capital gains tax

Pensions U.K.

22 Annual allowance: tapering U.K.

(1) In Part 4 of FA 2004 (pension schemes etc), section 228ZA (tapered reduction of annual allowance) is amended as follows.

(2) In subsection (1)—

(a) for “£4,000” substitute “£10,000”;

(b) for “£240,000” substitute “£260,000”.

(3) In subsection (3)(a) and (b), for “£240,000” substitute “£260,000”.

(4) The amendments made by this section have effect for the tax year 2023-24 and subsequent tax years.