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Finance Bill 2017 – money purchase annual allowance

The Chancellor announced, in the Autumn Statement in November 2016, that the money purchase annual allowance would reduce from £10,000 to £4,000, from 6 April 2017. This was confirmed in the Spring Budget 2017.

On 25 April 2017 the House of Commons debated the Finance Bill 2017. During the debate the Chancellor confirmed he was to delay the introduction of the reduction to the money purchase annual allowance, along with a number of other changes, that were included in the Bill. The clauses that would legislate for these provisions have been removed from the Finance Bill 2017, but the Government advised it still intends to implement the reduction to the money purchase annual allowance, and legislation may be included in a new Finance Bill next Parliament.

Due to the uncertainty over the inclusion of the proposed money purchase annual allowance clause into legislation, and whether it will be enforced retrospectively, Rowanmoor is taking the stance that the reduction will still be introduced and be effective from 6 April 2017, until further clarification is received.

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