In Brief: Money Purchase Annual Allowance - Reduction to prevent inappropriate double tax relief
Tuesday, 17 January 2017
Phillip Hammond has stated a decrease in the amount that can be contributed by an individual to the Money Purchase Annual Allowance (MPAA). The reduction will be from £10,000 to £4,000 commencing in April 2017. This will affect those taxpayers who have taken amounts out from their pension fund, who wish to put money back in again. This decision made by the Chancellor of the Exchequer was to anticipate any double tax relief, and the government would be looking further into the details of the plan.
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