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ROGER MURAY and JOHN MACKAY consider the effect of the proposed changes to tax relief on pension premiums
KEY POINTS
- The tax impact of the coming changes in relief for pensions.
- Calculating the overall tax burden.
- Will pension or another investment be best?
- The importance of the 25% tax-free lump sum.
- The effect of the anti-forestalling rule.
- Whither tax policy for pension premiums?
The 2009 Budget introduced some very significant changes to the tax treatment of pension contributions made by higher rate taxpayers.
These provisions are planned to come fully into effect from 6 April 2011 but the anti-forestalling rules can affect the current tax year and the year after that.
In the first part of this article we look at the numbers concentrating on the effective lifetime tax rate applied to earnings that are put into a pension fund or invested to capital gains across...
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