Budget Affect Pension Contributions Tax Relief
After the G20 summit amidst growing concerns over the UK and global economy the UK chancellor Alistair Darling delivered his second greatly anticipated budget on 22 April. One notable alteration is that from 2011 people with taxable income of £150,000 or over will have tax relief on their pension contributions reduced to basic rate. Provisions are to be made for a special tax bills for payments made after May if the payments exceed £20K and they are a change from normal pension accruals or regular payments.
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