QUICKWISDOM
Pension tax relief to fall for high earners
As promised in the Conservative Manifesto the amount people with an income of more than £150,000 can pay tax-free into a pension will be reduced.
Currently people can contribute up to £40,000 a year to their pension tax- free. From April 2016, this amount will be reduced for individuals with incomes of over £150,000, including pension contributions.
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www.oldmillgroup.co.uk
There was the fear that this would be imposed immediately but the date of change offers a window of opportunity for those affected to make a larger contribution. Speak to your usual contact if you want advice or visit our website for a factsheet.
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