TaxPersonal TaxBudget 2004: Reform of pension tax system to go ahead

Budget 2004: Reform of pension tax system to go ahead

The government is to push ahead with reform of the pension tax system, the chancellor said today, replacing the existing varied tax rates with a single lifetime allowance to be set at £1.5m.

Link: Budget 2004

Brown said in December that he would simplify pension taxation and said today he would set a cap of £1.5m on individual pension pots. This will rise to £1.8m later, he added.

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