Pensions dismay as allowances are cut
Posted by mostafa on 5 December, 2012
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This item was filled under Tax
Pensions experts today responded with dismay to Chancellor George Osborne's announcement that the annual tax relief allowance for savings will be cut from £50,000 to £40,000 from 2014/15.
The lifetime allowance will be also be trimmed, from £1.5m to £1.25m, said Osborne in his autumn statement to the House of Commons.