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.