Government to restrict pension tax relief - UPDATE 8

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Alistair Darling has announced he will restrict higher-rate tax relief on pension contributions for people with incomes over £150,000 from April 2011.

The chancellor said, for incomes above the £150,000 level, the value of pensions tax relief will be tapered down until it is 20% for those on incomes over £180,000 - making it worth the same for each pound...

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