Budget 2014: Removal of restrictions on pensions access will net government £1.2bn a year by 2019

Jonathan Stapleton
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The reduction of the withdrawal tax rate from 55% to an individual's marginal income tax rate will increase tax income by £1.2bn a year by 2019, Budget documents show.

From April 2015, the government plans to allow anyone over the age of 55 to take their entire pensions pot as cash, subject to their marginal rate of income tax in that year. But it said the change...

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