# The Taxation of Pensions Schemes (Rates, etc) Order 2010, Note: Explanatory note


(This note is not part of the Order)
This Order makes amendments to the rate of two tax charges applicable to pension schemes. The rate specified in section 394 of the Income Tax (Earnings and Pensions) Act 2003 which applies to the charge on “relevant benefits” contained in section 394(2) is increased from 40% to 50%. Section 205 of the Finance Act 2004 is amended to increase the limit for the lower rate from £10,800 to £20,000. The upper rate is increased from 40% to 50%. The amendments will take effect for the tax year 2010-11 and subsequent tax years.
A full Impact Assessment has not been produced for this instrument as a negligible impact on the voluntary or private sectors is foreseen.

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Source: https://www.legislation.gov.uk/uksi/2010/536/note (the official version)
Page: https://openlegislation.uk/taxation-of-pensions-schemes-rates-etc-order-2010/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.