Summer Budget confirms high earner pension tax relief cut

Chancellor George Osborne (pictured) confirmed those earning more than £150,000 will no longer qualify for an annual allowance of £40,000. Instead, they will see their allowance curbed gradually from £40,000 to £10,000. For every £1 of earnings over £150,000, the annual allowance will reduce by 50p so that those earning £210,000 and above would have an allowance of £10,000. The move will fund a more generous inheritance tax (IHT) allowance on family homes as pledged in the Conservative Party manifesto. The current £650,000 threshold for couples above which IHT must be paid at 4...