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Personal Finance15.03.2017

What is happening to the money purchase annual allowance?

A £4,000 money purchase annual allowance will come into effect from 6 April 2017 for individuals who have taken taxable, flexible payments from their pension pot.

The government has confirmed it will proceed with plans to reduce the money purchase annual allowance (MPAA) from £10,000 to £4,000 next month.

Chancellor Philip Hammond first announced plans to reduce the MPAA as part of the Autumn Statement 2016, in order to prevent inappropriate double tax relief. The government now says it has seen no grounds to change this view and it will press ahead with the change.

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