Pension relief halved for those on £180,000 pay

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Pension payment relief for top-rate tax payers will taper down from the current 40 per cent for a £150,000 salary to a 20 per cent level for those earning £180,000 or more.

Chancellor Alistair Darling warned that he would block high earners getting around the limit. He said: "It is difficult to justify how a quarter of all the money the country spends on pension tax relief goes, as now, to the top one to 1.5 per cent of pension savers."

Owners of company cars worth more than £80,000 also face higher tax bills as a cap which cut off the taxable value of a car at that figure was abolished.