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Life After Regime Change

Julian Mainwood, Associate in our Amersham office, discusses with Professional Pensions how the restriction of pensions tax relief will affect scheme administration.

On the 14 October, HM Treasury announced its decisions in designing a new regime for restricting pensions tax relief. The proposals made by the last government to restrict relief for ‘high earners’ has been dropped and in its place there will instead be a reduced annual allowance from April 2011 of £50,000. This limit is slightly higher than anticipated, however the trade off is that the lifetime allowance from April 2012 will fall to £1.5m. There is no proposal to index the level of annual allowance during the forecast period to 2015/2016.

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Life after regime change II (74.29 KB, .pdf)

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