This Order provides that the rules applying to the special annual allowance charge in the
Finance Act 2009 also protect a person who leaves a pension
scheme and joins a new scheme on exactly the same terms.
The Order amends the rate of the special annual allowance charge for the tax year 2010-11 and subsequent tax years, by linking the rate of the special annual allowance charge to the top slice of an individual’s income, so that it charges the
difference between the rate of relief that was given on the pension contribution and the
basic rate of tax.
The Order increases the multiplier used to calculate the cash equivalent of the benefit of car fuel received by an employee, from £16,900 to £18,000, and the figure used to calculate the cash equivalent of the benefit of van fuel received by an employee, from £500 to £550.
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