The Finance Bill received Royal Assent on 8 April 2010, becoming the Finance Act 2010.

The main pensions provisions are:

  • Section 23 and Schedule 2, which introduce the new high income excess relief charge with effect from the 2011/12 tax year. New sections 213A - 213P will be inserted into the Finance Act 2004; and
  • Section 48, which formalises the extension of the special annual allowance charge to cover individuals with annual “relevant income” of £130,000 or above from 9 December 2009, as the Chancellor announced in his Pre-Budget Report last Autumn.

For further details, see our summary in our December 2009 update and HM Revenue & Customs’ fact sheet. (pdf 48.31kb)