Pensions, savings and investments

People who earn more than £150,000 will get 50 per cent tax relief on the contributions they make to their pensions for one year.

After months of poor savings account interest rates, investors may be about to reap the rewards of better returns on their money.

A detail in the Budget announcement has revealed that people who earn more than £150,000 a year will have to pay tax on the contributions that their employers make to their company pension schemes.

Future tax rises were always likely to be on the agenda as the Chancellor seeks to reassure the international money markets that he has plans laid to reduce the UK’s huge borrowing deficit.

The Chancellor has delivered one of the most important Budgets in years against a backdrop of rising unemployment, soaring government borrowing and quite possibly the hardest hitting recession since the Second World War.

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