Changes to pensions in the budget

[ShinyHappyTits]

I am embarrassed I don't know this and I can't seem to find clarity anywhere. If the chancellor makes changes to pensions on October 30th, as seems very likely, will they apply from that day or from the start of the next financial year? Ie if she lowers the contributions on threshold from 60k (for example) will there be any grace until April?

It’s up to the Chancellor - there is no rule that stipulates when the changes can be implemented.

I'd imagine from next FY but may be less time. When they withdrew tax relief on life insurance in the eighties there was very little notice and a hard cut off.

Took ages to do the usually 2 mins of work banking as the branch was full of people from the local insurance brokers with payments they couldn't reconcile.

If you have funds available and want to max out your contributions it would be conservative to do this prior to 30 October. Relief could be cut from Budget day rather than 5 April.

Very helpful, thanks all. Fingers crossed she doesn't whack up CGT from October 😬