1941: Nothing But The Truth –  Nugent
In one of the quality industry papers today I have read that the Government had considered announcing an end to higher rate tax relief on pensions in the Autumn Statement this week. However, it is alleged that the Chancellor decided against it, but is rumoured to be seriously considering this for the Budget. The Government is quoted as saying “The Government is committed to providing clear incentives to save in a pension, up to generous allowances, and has no current plans to restrict tax relief on pension contributions or to cap relief on the tax-free lump sum.”
So I guess who you believe is rather central to how to act on this “information”. Wouldn’t it be great just to have some rules that actually last and aren’t constantly amended? rather than everyone having to guess what might happen next.
For the record, in the current tax year 2011/12 the Annual Allowance is capped at £50,000 and the Lifetime Allowance is £1.8m. This will be reduced to £1.5m from 6th April 2012.
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