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ISA Allowance and Tax Relief on Pension Contributions
05th August 2009
ISA Allowances after 2009 Budget
The investment limit has gone up to £10,200 annually, of which a maximum of up to £5,100 can be saved in cash
Please note that these higher limits will apply to people aged 50 and over from 6 October 2009, and then to everyone from 6 April 2010.
Pension Contributions
From April 2011, tax relief on pension contributions will be reduced if your annual income is greater than £150,000, reducing to 20% if your income is more than £180,000 per year
Before the restriction takes effect you cannot make large additional pension contributions to take advantage of pensions tax relief while it is still available, as restrictions have been put in place.
If you have never earned more than £150,000 annually and anyone who continues with their regular pattern of contributions then you are not likely to be affected by this, but could be.