The government has set a new cap on income tax relief.
Taxpayers could be losing up to £500 million a year by failing to claim the full pension tax relief to which they are entitled, according to research by a private bank.
Answered by: Lesley Stalker,
Business tax questions
There have been a number of changes to entitlements,
including how they are measured, which will actually take place on April 11,
It was announced in today's Budget that the income tax relief available through Enterprise Investment Schemes (EIS) has been increased from 20 per cent to 30 per cent from April 2011.
Lesley Stalker, head of tax at Robert James Partnership, outlines useful tax planning tips & advice to help business owners and entrepreneurs minimise their bills before 5 April 2011.
UK computer and video games pundits have become excited on news that Chancellor George Osborne was "reconsidering" tax breaks for the industry.
The lifetime limit for pension benefits and savings remains at £1.8 million in 2011–12 but will be reduced to £1.5 million for 2012–13.
In 2010–11, public finances continue to be dominated by the aftermath of the global financial crisis and recession, with a pressing need to cut government borrowing.
In a widely welcomed move, the previous government had doubled the annual investment allowance
(AIA) from £50,000 to £100,000.