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PBR: Higher rate pension tax relief safe until at least 2015/16

Chancellor Alistair Darling has confirmed that higher rate tax relief on pension funds will remain until at least 2015/16.

Industry experts were concerned Darling might have tampered with this relief to pay for the 2.5 per cent cut in VAT.

But during his pre-Budget report speech, he said: “I intend to maintain the ceiling on tax relief given to people with pension funds of up to 1.8 million up to and including 2015/16.”

Darling did not cave in to calls to substantially increase the basic state pension, confirming it would rise in April next year from £90.70 to £95.24 with inflation as expected.

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