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Budget 2012 - Technical Review

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Following on from the panic of the last few weeks over how Chancellor George Osborne's Budget 2012 would affect tax relief, annual allowances and even the amount of tax free cash that people could claim, our Techncial Specialist, Catherine Christopher has commented:

"In terms of pensions, and how it affects our clients, the pensions industry can breathe a sigh of relief as nothing new has been announced. Personal Tax Relief over £50,000 has been restricted to 25%, however this does not apply to pension tax relief (ref 1.192) . Annual Allowance is remaining at £50,000 for the forseeable future and the Lifetime Allowance is reducing to 1.5 million in April 2012 as planned. HMRC have confirmed that legislation is being introduced regarding changes to Fixed Protection and a number of technical improvements to the Annual Allowance and they will publishing a newsletter confirming these in more detail shortly."

 

Taxation of Pensions covered in the Budget 2012:

Small Pension Fund Commutation (point 2.61)

Unfunded workplace pensions (point 2.62)

LIfetime Allowance (point 2.63)

Annual Allowance (point 2.64)

Contracting Out (point 2.65)

Asset-backed employer contributions (point 2.66)

Contributions paid to spouses or family members (point 2.67)

Bridging Pensions (point 2.68)

QROPS (point 2.69)

 

For a full breakdown of the budget, please visit the HMRC website.

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