Anti-forestalling rules relaxed for pension transfers

HMRC has relaxed its initial rules, which have crippled the transfer market among the wealthy since April. The changes to pension tax relief, announced in last year's Budget, introduced rules which meant high earner transferring their pension arrangement to a new provider would lose their contribution history and be forced to pay tax. Those earning over £130,000 a year would only have been able to claim tax relief on a maximum of £30,000 without a regular contribution history. The pensions industry had criticised HMRC's original decision to disregard contribution history when a high ...