The current LTA of £1,073,100 will be abolished from 6 April 2024. In 2023/24, LTA checks still need to be done, but if the allowance is exceeded there won’t be an LTA charge.
It is important to note that the abolition of the LTA has not yet been turned into legislation and may still be subject to change. The government has stated that it will consult on the proposal before making a final decision.
You can find the detailed proposed legislation for these changes in the Finance Bill.
HMRC will also continue to give updates via their Pension schemes newsletters as information becomes available.