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NEWS | 2012 | Mattioli Woods welcomes no further cuts in pension relief in the Budget 2012

22 Mar 2012

Mattioli Woods welcomes no further cuts in pension relief in the Budget 2012

In the aftermath of yesterday’s budget, Mattioli Woods is pleased to welcome no further restrictions or cuts, which will directly affect pension schemes.

There has been much media speculation in the run up to the budget as to whether or not there would be any restrictions made on tax relief to pensions. Some politicians were thought to have been keen on abolishing higher-rate tax relief, whilst others were toying with the idea of restricting how much savers could contribute annually.

Murray Smith, Sales and Marketing Director commented; “We are pleased that the government is supporting a savings culture and not attacking investors who have worked hard building up their pension fund. We also welcome no change to the tax free lump sums which can be taken from a Registered Pension Scheme”.

“The Chancellor did hint towards possible future changes to pension tax relief, so for the moment clients can still benefit from full tax relief at their income tax rate. The reduction in corporation tax is an additional positive move as we deal with many business owners,” he added.


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