Pension Tax Relief Maximum Contribution GBP50 000
Published / Last Updated on 13/10/2010
Pension Tax Relief Maximum Contribution £50,000
by Ashley Clark, Director
Mark Hoban, Financial Secretary to the Treasury, has issued confirmation that annual allowance rules for tax relief are again set to change with effect April 2011:
- From April 2011 the annual allowance will be reduced from £255,000 to £50,000
- From April 2012 the lifetime allowance will be reduced from £1.8 million to £1.5 million
- Defined Benefit schemes will be valued using a flat factor of 16
- Unused annual allowance from up to three previous years can be carried forward
- Further consultation in November 2010 to consult on options with regard to flexibility over the payment of charges where allowance limits breached.
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