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The Finance Act 2020
was given Royal Assent on 22 July 2020
Relevant to pensions is Section 22 'Annual allowance: tapered reduction'. With effect from 6 April 2020, the Tapered Annual Allowance (TAA) will affect anyone with 'threshold income' over £200,000, reducing their AA by £1 for every £2 that their 'adjusted income' exceeds £240,000. The maximum reduction will be £36,000: individuals whose 'adjusted income' is £312,000 or more will be subject to a TAA
of just £4,000. This is the same limit as the Money Purchase Annual Allowance.
A late addition made at the Report Stage is Section 108 'Protected pension age of members re-employed as a result of coronavirus'. It ensures that those who have retired at an age below the current normal minimum pension age of 55, but return to employment to support the coronavirus response, retain the benefit of their protected pension age and do not suffer unauthorised payment
of 14 August 2020. Following submission, an online notification will be received confirming receipt.
It will also be possible to make amendments to any AFT returns submitted through the service.
It is also now possible to compile and save new AFT returns for the quarter 1 July 2020 to 30 September 2020 and once the quarter has ended, these can be . . .
24 July 2020