Related Commentary  Related HMRC Manuals

218(1)  Subject as follows, the individual's lifetime allowance is the standard lifetime allowance.

218(2)  The standard lifetime allowance for the tax years 2016–17 and 2017–18 is £1,000,000.

218(2A)  The standard lifetime allowance for any later tax year (“the subsequent tax year”) is the same as the standard lifetime allowance for the tax year immediately preceding the subsequent tax year, unless subsection (2C) provides for it to be higher.

218(2B)  Subsection (2C) applies if–

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