Lesley Harrold of the Norton Rose pensions team updates us on pensions-related material in this year's Budget
The Government intends from 6 April 2011 to restrict tax relief for individuals with an annual income of £150 000 or more.
Relief will be tapered away so that for those earning over £180 000 relief will be worth 20 per cent the same as to a basic rate taxpayer.
New rules will be introduced under the Finance Bill 2009 to apply from 22 April 2009 to restrict higher rate tax relief on pension contributions for individuals.
These 'anti-forestalling' measures will remove the advantage to those individuals of increasing their pension contributions in excess of their normal pattern and benefiting from the higher tax relief rates...
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Lesley Harrold of the Norton Rose pensions team updates us on pensions-related material in this year's Budget
The Government intends from 6 April 2011 to restrict tax relief for individuals with an annual income of £150 000 or more.
Relief will be tapered away so that for those earning over £180 000 relief will be worth 20 per cent the same as to a basic rate taxpayer.
New rules will be introduced under the Finance Bill 2009 to apply from 22 April 2009 to restrict higher rate tax relief on pension contributions for individuals.
These 'anti-forestalling' measures will remove the advantage to those individuals of increasing their pension contributions in excess of their normal pattern and benefiting from the higher tax relief rates...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
