Skip to content
International Adviser
  • Contact
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • IA 100
  • Best Practice
    • Best Practice Awards
  • Media
    • Video
    • Podcast
  • Directory
  • My IA
    • Events
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

UK Government cuts pensions tax relief limit to £50,000

27 Jun 11

The UK Coalition Government is to cut the annual allowance for pension tax relief to £50,000

The government also announced the lifetime allowance on pension saving would fall from £1.8m to £1.5m.

The government said the move, which comes into force next April, will raise £4bn a year and will affect 100,000 pension savers, 80% of whom have incomes exceeding £100,000 a year, 

Tax experts have welcomed the announcement following a period of uncertainty after June’s emergency budget, in which it was announced the limit was under review.

George Bull, head of tax at Baker Tilly, said: “After a period of considerable uncertainty, this clarification will provide peace of mind for many people trying to make adequate provision for their retirement income in a time of economic instability.

Once the new limit is in force, we urge the Government to refrain from future tinkering in order that people can have confidence about their own pension planning.”
 

Tags: Baker Tilly

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Latest news

    PPI values lost UK pension pots at £19bn

    How to save the pan European pension dream

    Latest news

    Pensions experts warn of retirement inadequacy as Burnham pledges to scrap triple lock

  • UK working pensioners to pay National Insurance?

    Financial planning

    Demand for annuities rises but absence of advice a concern, experts warn

    Financial planning

    Choosing the Right Life Company: Why It Matters


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser. Site managed by Furness Media