Policy paper
Pensions tapered annual allowance
This tax information and impact note will mainly affect individuals with income of over 拢150,000, including the value of any pension contributions, who save in a registered pension scheme.
Documents
Details
This measure will restrict pensions tax relief by introducing a tapered reduction in the amount of the annual allowance for individuals with income (including the value of any pension contributions) of over 拢150,000 and who have an income (excluding pension contributions) in excess of 拢110,000.
Legislation will also be introduced to align pension input periods with the tax year. This legislation, and to protect any savings will be effective from 8 July 2015 and the taper will have effect on and after 6 April 2016.
Updates to this page
Published 8 July 2015