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 Update to Money Purchase Annual Allowance

The Money Purchase Annual Allowance (MPAA) will not now be cut from £10,000 to £4,000 at this time. While this change no longer forms part of the condensed Finance Bill, it is intended that it will be reconsidered once a new Parliament commences and could form part of the new Government's first Finance Bill, meaning it may be delayed rather than dropped altogether. We would recommend those affected by the MPAA pay no more than £4,000 until further clarification is provided (which could be announced in an expected Summer Budget). Paying more than £4,000 could result in an annual allowance tax charge for the customer.

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