HM Treasury

A controversial decision to slash the Money Purchase Annual Allowance (MPAA) from £10,000 to £4,000 will be scrapped as the Treasury seeks to trim the Finance Bill.

Data standards to be set on Wednesday

Emergency tax codes for one-off withdrawals under Freedom and Choice are leaving savers significantly overpaying on their tax bills, when in many cases they should pay no tax at all.

The government has been urged to allow Lifetime ISA (LISA) savers to use their pots to pay for financial advice, putting the product on par with pensions and other ISAs.

A prototype of the pensions dashboard has been demonstrated to government ministers on time, the Association of British Insurers (ABI) has announced.

This week's top stories include a Treasury letter confirming no changes to pensions tax relief in the near future, and Frank Field questioning the level of benefits promised to BHS members.

The government has confirmed that "now is not the right time" to undertake significant reform of pensions tax policy, such as moving to a flat rate of tax relief.

The Treasury has rejected calls to change its mind on a planned cut to the money purchase annual allowance (MPAA) due to take effect next month.

This week's top stories include coverage of the Spring Budget, where the chancellor confirmed the money purchase annual allowance will fall to £4,000.

The government has confirmed in today's Budget that it will align the tax treatment of foreign and domestic schemes.