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Pension tax relief under threat

There is a lot of speculation (again) as we approach the Budget on whether higher rate relief on pension contributions will be abolished.  So far the tax relief remains but subject to increasing restrictive limits over the contribution amount.

The next Budget is on 8 July and the Conservatives made a manifesto commitment to cut tax relief on pension for those earning over £150,000.

The proposal appears to be that the tax relief will be restricted by 50p for every £1 of income in excess of £150,000, to a minimum of £10,000.

Whilst we do not yet know what will be in the Budget if you are a high earner you may wish to consider accelerating any contributions.

 

 

Date: 1st July, 2015
Author: Cathy Corns

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