Pensions dismay as allowances are cut

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.

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