Pensions tax relief time limit to be cut

Money News

www.moneynews.co.uk > Pensions > Pensions tax relief time limit to be cut

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Pensions tax relief time limit to be cut

The amount of time that people have to claim higher tax relief on their pensions is to be cut from nearly six years to four years from April 6th 2010, according to Standard Life.

Many schemes automatically give basic rate tax relief, such as employer facilitated GPPs and Group Stakeholders, but it is up to the individual to make a claim for higher tax relief if they believe they are eligible.

Some people do not realise that it is up to them to make the claims, but once they do they will receive a back payment on the tax they are owed.

However, the time limit for doing this will be shortened in April this year.

Andrew Tully, senior pensions policy manager at Standard Life, said: "Claiming your tax is straightforward as you simply have to write to your local tax office."

For anyone looking to withdraw from their pension this year April 6th could be a significant date, as the age of drawing a private pension will increase from 50 to 55 years.

Click here for more pensions newsADNFCR-323-ID-19630011-ADNFCR

Related News : Pensions

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet