Good news for pensions savers from HMRC

HMRC has withdrawn its appeal over breaches of the pensions lifetime allowance.

Winning at Poker

Savers may be able to keep more than they think
(Image credit: AzmanJaka)

Thousands of pension savers may be spared an expensive tax bill now that HM Revenue & Customs (HMRC) has withdrawn its appeal in a landmark legal case. The dispute could have implications for as many as 12,000 savers who have breached the terms of protection they were granted against going over the lifetime allowance (LTA).

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David Prosser
Business Columnist

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.