BUDGET '09: Small print reveals double whammy for top earners

It says the small print in Wednesday's Budget shows the change to the tax treatment of pension contributions for those earning more than £150,000 a year will generate £3.1bn in the 2012/2013 tax year. The firm adds the figure was so high because the Government intends to tax people for the benefits they enjoy from their employer's contributions to a company pension. Hargreaves Lansdown head of pensions research Tom McPhail explains the employer would still enjoy corporation tax relief, but the individual will be taxed on the benefit. He says this represents a "catastrophic additional ...