The Coalition Government's first Budget - high earners and pensions: an update

Mr Osborne delivered his first budget amid much speculation as to precisely what he would do with regard to various issues in the pensions arena, particularly the restriction of tax relief on pension contributions for "high earners".

We now have the answer (at least in part). The Government will continue with the previous administration's plans to raise revenue from restricting pensions tax relief. But Mr Osborne considers that the approach legislated for in Finance Act 2010 by his predecessor "could have unwelcome consequences for pension saving, bring significant complexity to the tax system and damage UK business and competitiveness"^[1] .

Wragge & Co's pensions experts provide more detail.

Footnotes

[1] HM Treasury Budget 2010