As reported in the news over the weekend the Chancellor appears to have dropped plans to end or alter tax relief on pension contributions.
In our previous posts we highlighted the need to review the timing of your pension contributions prior to the Budget on 16 March as further restrictions on tax relief were expected.
Possible proposals were the withdrawal of upfront tax relief or the introduction of a flat rate of tax relief for all taxpayers. However we understand that these proposals will not form part of the Budget this year.
However, regardless of this change of heart, there are still several restrictions being introduced to tax relief on pension contributions from 6 April 2016, particularly for higher earners. These were announced previously and will still go ahead. So it is still advisable to consult your pensions advisor on the best way forward.
For more information, please contact your pensions advisor or Lesley Sutton on 01484 550037 or email email@example.com.