Budget 2009 _ Pension Tax Relief Capped
Published / Last Updated on 22/04/2009
Budget 2009 - Pension Tax Relief Capped
High income individuals (those earning over £150,000) lose out again with the higher rate tax relief for pension contributions to be capped.
Whilst there will be consultation taking place, the changes take effect 6 April 2011.
Those earning up to £150,000 per year will still be entitled to 40% tax relief as usual.
Those earning between £150,000 and £180,000 will have tax relief tapered to the basic rate level of 20%.
The Finance Act 2009 will introduce measures to discourage high income individuals from attempting to boost their pensions before 2011. Penalties will be imposed if the measures are breached.
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