Brian Davidson highlights the attractions of maximising pension contributions in tax year 2012/13
Over recent years, there have been a number of attacks on the pension tax reliefs, culminating with the announcement in the 2012 Autumn Statement that the annual allowance and the lifetime allowance will be reduced to £40,000 and £1.25 million respectively from 6 April 2014. Despite the reductions in the pension tax reliefs, pensions generally still are the most tax-efficient means of providing for retirement and full advantage should be taken of such reliefs in 2012/13 tax year. Any pension contributions paid personally will normally be tax relievable at the highest marginal rate(s) ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes