Part 1 Income tax, corporation tax and capital gains tax

Pensions

20 Annual allowance increased

(1) In Part 4 of FA 2004 (pension schemes etc), section 228 (annual allowance) is amended as follows.

(2) For subsection (1) substitute—

“(1) The annual allowance for the tax year 2023-24 and, subject to subsection (2), each subsequent tax year is £60,000.”

(3) In subsection (2) for “2014-15” substitute “2023-24”.