special annual allowance charge
- special annual allowance charge
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Announced in the 2009 Budget, a tax charge on pension saving by high earners levied on saving that exceeds the special annual allowance in the 2009/10 or 2010/11 tax years. The charge reduces the level of tax relief afforded to high earners to basic-rate relief. Accordingly, for 2009/10 it was set at 20%. For 2010/11, it applies at 20% in relation to pension saving relieved at the 40% higher-rate of income tax and 30% in relation to saving relieved at the 50% additional rate.
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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