The Inland Revenue's proposed £1.4m lifetime limit for pension contributions will be increased to £1.5m for the first year, Gordon Brown announced in his Budget speech.
Speaking in the House of commons this afternoon, Brown said the limit will be raised to £1.5m in the first year, or April 2006, an amount which will then be increased to £1.8m by 2010.
That said, he did not confirm whether A-day - the day when the Revenue's new simplification legislation comes into force - will take place in April 2005 as previously suggested, or if it has been delayed for another year, to April 2006, as inferred by the lifetime limit for the first year.IFAonline
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