On 3 July 2009 the Government proposed further amendments to its own Finance Bill which change again (and slightly improve) the tax reliefs on pension contributions - announced by Alistair Darling in the April 2009 Budget – and detailed in our previous circular –“ Another Budget Raid on Pensions”.
Since the Budget changes were originally unveiled, there has been consistent and national pressure from the entire financial planning, pension and insurance industry - which was non-politically motivated. These new amendments result directly from this pressure but offer only a slight improvement. They may, however, provide the opportunity to some clients who were making pension contributions at the end of the fiscal year – or at the end of their business financial year – to make some meaningful tax-relieved pension contributions to provide for their late middle age!