The government has published the Finance Bill 2009. The Bill contains many of the proposals announced in the 2009 budget including proposals to:
reduce from 6 April 2010 the personal allowance for individuals with a taxable income over £100,000;
introduce an additional tax rate of 50% that applies to taxable income over £150,000 from 6 April 2010 and make consequential changes to tax charges applying to registered pensions schemes;
introduce “anti-forestalling measures” to prevent individuals from accelerating their pensions savings to pre-empt the expected April 2011 reduction of pensions tax relief; and
allow the government to introduce further secondary legislation changing the treatment of transfers and payments from the Financial Assistance Scheme and Financial Services Compensation Scheme so that they broadly receive the same tax treatment as payment made from the registered scheme or the original insurer.
For more information on these changes see EPB bulletin 30 April 2009.