special annual allowance
Announced in the Budget on 22 April 2009, the special annual allowance forms part of the anti-forestalling measures that the government implemented in advance of the planned restriction of higher-rate tax relief for pension saving from 6 April 2011. The special annual allowance has been set at £20,000 in most cases, although for certain irregular saving the allowance rises to £30,000. Pension saving by high earners in each of the 2009/10 and 2010/11 tax years will only attract high-rate relief up to the amount of the allowance. Saving in excess of the allowance will be subject to a special annual allowance charge. Certain existing patterns of pension saving are protected from the allowance. The special annual allowance will apply in addition to the annual allowance in each year.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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