Pensions reprieve for business owners and self-employed

The Government announced today it would be reducing the annual allowance for pensions tax relief to £50,000 but concerns it would enforce a 'use it or lose it' policy have been allayed. Hornbuckle Mitchell warned the government in its recent consultation on pension tax relief changes that enforcing a ‘use it or lose it' decision would impact hardest on entrepreneurs, small business owners and the self-employed who do not have regular salaries. However, allowing the £50,000 limit to be carried forward for up to three years will offer a welcome reprieve for these groups. Hornbuckle M...