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Draft technical guidance explaining the key elements of the high income excess relief charge legislation published in the Finance Bill 2010 has been published by HMRC.
The measure restricts the tax relief on contributions to registered pension schemes with effect from 6 April 2011 for high income individuals, i.e. those with a gross income of £150,000 and over.
Relief will be tapered away so that for taxpayers earning £180,000 and over, it is worth 20%.
This document contains draft technical guidance which explains the key elements of the legislation and how the restriction will be applied. The draft guidance will be incorporated into the technical pages of the Registered Pension Scheme Manual.
Comments on the draft guidance should be emailed to Bill Haswell by 7 June.
