6th April 2011 may seem a long way off but restrictions on tax relief on pensions are already having an impact. From 2011, if you earn £150,000 or more p.a., tax relief will be restricted to the basic rate. You may wish to advance contributions into earlier years to obtain higher relief but this could be a problem. Those who do increase their pension savings will be affected if they exceed pension savings of £20,000 p.a. unless this was part of a regular ongoing payment scheme. Contact us if you would like to discuss this in more depth.
|
