At first sight the Chancellor’s Autumn Statement did not contain much cheer, but things are not as bad as you might think. The restriction in pension tax relief caught the headlines, but has not yet been implemented. Although the pension annual allowance will fall to £40,000 as of 6th April 2014, there is still scope to use unused relief from previous years. Other non-contentious tax breaks are also still available for those who want to look for them.
With just over three months to go to the end of the tax year, it’s time for people with income of more than £100,000, especially those paying the top tax rate of 50%, to consider how to reduce their tax liabilities.
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Licenced Accountant in Brighton