This practice note considers the pensions-related provisions in the Finance Act 2009. The most significant measures related to the then government's plans to restrict pensions tax relief for high-income individuals. These have since been overhauled by the coalition government following the 2010 General Election.
This note examines the coalition government's measures to restrict the availability of tax relief on pension saving by reducing the annual and lifetime allowances. As well as looking at the circumstances in which an annual allowance charge is triggered, the note highlights some key practical issues for trustees and employers.
This practice note considers the anti-forestalling measures implemented by the previous government in the Finance Act 2009 in advance of its abortive plans to restrict tax relief on pension saving for high-income individuals. The anti-forestalling measures only applied to pensions tax relief claimed in the 2009/10 and 2010/11 tax years.