Pre-Budget Report 2008 - Pension Tax Relief…freeze on limits
Today’s Pre Budget Report contains the news that both the lifetime and annual allowances for pension schemes will be frozen from April 2011.
The lifetime allowance is due to be increased to £1.8 Million for 2010/20011 having being introduced in 2006/2007 at £1.5 Million. The annual allowance is due to reach £255,000 (up from £215,000 in 2006/2007)
The 2010/2011 limits will now remain until at least 2015/2016 without increase. It remains to e seen whether it will be possible to obtain pension relief at the new top rate of 45% after April 2011.
Date: 25th November, 2008
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