Annual Tax Allowance Change

The Government today announced changes to the annual allowance for tax relief on pensions. The annual allowance for tax relief on pension savings for individuals will be reduced from £255,000 to £50,000 from 6 April 2011. They have also announced that the lifetime allowance will be reduced from £1,800,000 to £1,500,000 from 6 April 2012.

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