Chancellor George Osborne has cut the annual allowance to £40,000 and reduced the lifetime allowance to £1.25m as part of a drive to raise more tax revenue from the rich.
In his Autumn Statement, Osborne said he would reduce the annual allowance from £50,000 to £40,000 and cut the liftetime allowance from £1.5m to £1.25m from 2014/15. The Chancellor said the cut to the...
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