All posts with the topic: Pensions Tax Relief

Interestingly, the Government will restrict an individual’s ability to claim income tax reliefs on an annual basis with effect from 6 April 2013.  A new cap of the greater of £50,000 and 25% of income will apply to any individual seeking to claim more than £50,000 in tax reliefs.   Importantly, we understand that the new cap will … Continue reading Personal tax reliefs restricted

It had been thought that as a trade-off for a reduction in the 50p tax rate pensions tax relief would be hit but this is not the case as there will be “no significant” changes to higher-rate tax relief. The minor changes which have been announced include: tax and NIC advantages for employers making contributions … Continue reading Pensions: “no significant” changes to tax relief

The fears of many may have been realised in today’s emergency budget with the VAT hike and the axe falling on the public sector.  Pensions as we know it, though, live to fight another day with government plans to end compulsory annuitisation at 75 and the increase in state pension age to 66 pushed back and made subject to further … Continue reading The emergency budget – pensions

The Government has confirmed that tax relief restrictions on pension contributions for high earners will apply from next year for those with incomes of £150,000 or over. Essentially, tax relief on pension contributions will be restricted for those on “gross incomes” of £150,000 and over, gradually tapering down so that for those on incomes of … Continue reading Pensions after 2011 – some more detail but not the full picture

The position, however, for high earners after 2011 will be different. The Government announced at Budget 2009 its intention to restrict tax relief on pensions savings with effect from 6 April 2011 for those with incomes of £150,000 or over. Today it issued a consultation document on how the restriction will be implemented from April … Continue reading Pensions – after 6 April 2011