Pension tax relief reforms cautiously welcomed
Business groups have embraced government plans to reduce the annual pension allowance to £40,000 but implementation issues remain, warn experts.
Under the new proposals, the amount that can be saved into a pension will be reduced from £255,000 a year to about £40,000. Higher earners’ tax relief on pension contributions will also be reduced to 20%, while higher rate taxpayers will be entitled to relief of at least 40%, even if they earn more than the £150,000 threshold for the 50% tax rate.
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