special annual allowance

special annual allowance
Announced in the Budget on 22 April 2009, the special annual allowance forms part of the anti-forestalling measures that the government implemented in advance of the planned restriction of higher-rate tax relief for pension saving from 6 April 2011. The special annual allowance has been set at £20,000 in most cases, although for certain irregular saving the allowance rises to £30,000. Pension saving by high earners in each of the 2009/10 and 2010/11 tax years will only attract high-rate relief up to the amount of the allowance. Saving in excess of the allowance will be subject to a special annual allowance charge. Certain existing patterns of pension saving are protected from the allowance. The special annual allowance will apply in addition to the annual allowance in each year.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Игры ⚽ Нужно решить контрольную?

Look at other dictionaries:

  • special annual allowance charge — Announced in the 2009 Budget, a tax charge on pension saving by high earners levied on saving that exceeds the special annual allowance in the 2009/10 or 2010/11 tax years. The charge reduces the level of tax relief afforded to high earners to… …   Law dictionary

  • allowance — al‧low‧ance [əˈlaʊəns] noun 1. [countable] an amount of money that someone is given regularly or for a special reason: • She earns a package worth $1 million, including a $15,000 clothing allowance. ˌcost of ˈliving alˌlowance [countable] HUMAN… …   Financial and business terms

  • allowance — al|low|ance W3S2 [əˈlauəns] n 1.) [C usually singular] an amount of money that you are given regularly or for a special purpose a monthly/annual etc allowance ▪ His father gives him a monthly allowance of £200. allowance for ▪ Do you get an… …   Dictionary of contemporary English

  • allowance — Synonyms and related words: C ration, K ration, OK, abatement, acceptance, account, acknowledgment, adjustment, admission, agio, aid, alimony, allocation, allotment, allowing, annuity, apportionment, appreciation, appropriation, approximation,… …   Moby Thesaurus

  • Disabled students allowance — Disability Theory and models …   Wikipedia

  • United States Naval Special Warfare Development Group — Naval Special Warfare Development Group …   Wikipedia

  • LABOR — Jewish Labor Organizations IN THE PRE STATE PERIOD Since the last decades of the 19th century, a number of sporadic labor associations have arisen in agriculture and in the printing, clothing, and building trades, as well as groups limited to a… …   Encyclopedia of Judaism

  • Social Protection — ▪ 2006 Introduction With medical costs skyrocketing and government programs scaled back, citizens bore more responsibility for their health care costs; irregular migration, human trafficking, and migrant smuggling posed challenges for… …   Universalium

  • Rashidun Caliphate — Infobox Former Country native name = الخلافة الراشدية conventional long name = Rashidun Caliphate common name = Rashidun continent = Afroasia region = Middle East status = Empire government type = Caliphate event start = year start = 632 event… …   Wikipedia

  • Edinburgh —    EDINBURGH, a city, the seat of a university, and the metropolis of the kingdom of Scotland, situated in longitude 3° 10 30 (W.), and latitude 55° 57 29 (N.), about a mile (S. by W.) from Leith, 40 miles (S.S.W.) from Dundee, 42 (E. by N.) from …   A Topographical dictionary of Scotland

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”