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Who is likely to be affected?
- Employees and employers making contributions
to Personal Pension (PP) schemes.
General description of the measure
- This measure will put beyond doubt the
fact that the existing tax relief on contributions
to PP schemes by both member and employer
should be restricted by reference to earnings
which are themselves subject to an earnings
cap.
Operative date
- It will take effect from 9 April 2003.
Current law and proposed revisions
- Contributions to PP schemes which are limited
to an age-related percentage of earnings are
subject to the pensions earnings cap. This
stands at £97,200 for 2002-03 and will
be increased to £99,000 for 2003-04.
Further advice
- If you have any questions about this change,
please contact the Public Enquiry Unit on
020 7438 6420 to 6425.
www.inlandrevenue.gov.uk
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