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  1. Wealth
April 29, 2009

Guardian: High earners may benefit from Budget

By Spear's

High earners who make contributions to their pensions in the next tax year are set to benefit from the introduction of the 50% tax rate.

From the Guardian:

High earners who make contributions to their pensions in the next tax year are set to benefit from the introduction of the 50% tax rate.

The Treasury confirmed today that people earning £150,000 or more, who will be paying the new marginal income tax rate of 50% from April 2010, will also benefit from 50% tax relief on any contributions they make to their pension. For one tax year only, for every pound they pay into their pensions they will save 50p in tax.

Rule changes proposed in last week’s budget could also mean that those earning between £150,000 and £160,000 could continue to benefit from up to 50% tax relief on their pension contributions from April 2011 onwards.

The loopholes undermine the chancellor’s promise to make the tax system surrounding pensions fairer. In his budget speech, Alistair Darling said: “I intend to address the anomaly which sees a tiny proportion at the top taking a large slice of the help we give people to save.

To read the full story, visit guardian.co.uk

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