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More pension tweaks

17 November 2015 / John Woolley
Issue: 4527 / Categories: Comment & Analysis
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Latest changes to the pension contributions annual allowance.

KEY POINTS:
 
  • A phased reduction in the annual allowance when two thresholds are crossed.
  • Provisions to prevent income shift ing.
  • Anti-avoidance and forestalling rules in FA 2004 s 228ZB.
  • Pension input periods alignment increases restrictions.
  • Maximise pension contributions in 2015/16 but remember the lifetime allowance.

The July budget contained the following important changes to the pension tax rules. The reduction in the lifetime allowance and an easing of death benefit taxation were trailed in March but failed to make the first Finance Bill of the year. The restriction on contribution tax relief for high earners first appeared in the Conservative’s election manifesto and the revision to the arcane rules for pension input periods was a July surprise.

In this article I look at...

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