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Tax solutions
Key points
- Increase to the pensions annual allowance.
- Entrepreneurs’ relief lifetime limit is reduced to £1m.
- Changes to only or main residence relief.
- Increased research and development credit.
The third sitting of the public bill committee’s debate on the Finance Bill started with cl 21: ‘Annual allowance: tapered reduction’. The financial secretary to the Treasury Jesse Norman explained that the clause amends the tapered annual allowance legislation on pension contributions in FA 2004 s 228ZA by increasing the maximum threshold income and adjusted income an individual can earn without their annual allowance being reduced (or ‘tapered’). The clause also decreases the minimum tapered annual allowance from £10 000 to £4 000.
Previously the allowance had adversely affected doctors in particular who found that taking on...
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