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Maximising Tax Relief on your Pensions

A bit of forward planning for your tax? The highest rate of income tax is due to be reduced from 50% to 45% as of April 2013. Whilst this reduction will be welcomed by those paying tax at the top rate, it will also lead to a reduction in the tax relief available on eligible pension contributions! The current tax year presents a last opportunity to obtain tax relief at 50%. Now a £50,000 gross contribution will effectively cost a 50% income tax payer £25,000. When the tax rate is reduced to 45% next year, the same £50,000 contribution would cost £27,500. It may be worth thinking about it?