Section 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”.