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MARK MORTON and ANDREW BURGESS plumb the depths of the pensions anti-forestalling legislation
KEY POINTS
- The special annual allowance can be reduced to nil.
- The meaning of relevant income.
- Calculating the total adjusted pension input amount.
- Protected pension inputs vary according to the type of pension.
- Family companies and profit extraction.
An unexpected tax rise namely the intention to restrict relief on pension contributions to the basic rate of income tax was announced by the Chancellor on Budget day. He said that this change would take effect from 6 April 2011 for individuals with a taxable income of £150 000 or more.
Budget note 47 stated that the relief will be tapered out between £150 000 and £180 000 so that above that figure only basic rate tax relief will be available. However no more detail has been published as yet.
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