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Payment protection: Tax changes to impact those with higher income

Those on higher incomes may like to seek out payment protection as they will be most affected by tax changes, it has been claimed.

Robin Ellison, partner at international law firm Pinsent Masons, claims that people on higher incomes will experience theses changes in spite of apparent limits on the amount of contributions allowed.

However, Mr Masons has revealed that there are ways in which these people can avoid higher charges but that these do not address the real issue.

He said: "There are several loopholes that allow higher contributions to be made if the individual can afford it.

"The real tragedy of the new tax rules is the breaking of the community of interest of all people in pensions, so that the private provision for pensions will fall substantially without making any extra money for the Treasury."

According to recent research published by HSBC, many Brits are burying their heads in the sand over April's changes to pension tax relief.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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