Summer Budget: High earner pension tax relief cut confirmed

High earners have had the tax relief on their pension contributions cut in today's Summer Budget.

Chancellor George Osborne (pictured) confirmed those earning more than £150,000 will no longer qualify for an annual allowance of £40,000. Instead, they will see their allowance curbed gradually from £40,000 to £10,000. For every £1 of earnings over £150,000, the annual allowance will reduce by 50p so that those earning £210,000 and above would have an allowance of £10,000. The move will fund a more generous inheritance tax (IHT) allowance on family homes as pledged in the Conservative Party manifesto. The current £650,000 threshold for couples above which IHT must be paid at 4...