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Budget 12: Osborne steers clear of pension tax reforms

Chancellor George Osborne has steered clear of reforms to pension tax relief.

Giving his Budget speech today, Osborne (pictured) announced plans introduce a limit on all uncapped income tax reliefs.

However, this will not be extended to pension contributions.

Osborne said: “I don’t intend to make any significant changes to pensions relief in this Budget.”

Pre-Budget reports had suggested the Chancellor was considering cutting the annual allowance for tax privileged pension saving from £50,000.

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