£41bn tax relief cost is 'no excuse' for Budget raid

HMRC figures revealed the cost of pensions tax relief increased by more than £4bn in 2019/20

Holly Roach
clock • 4 min read
The increase is largely due to the rise in AE minimum contributions
Image:

The increase is largely due to the rise in AE minimum contributions

The cost of pensions tax relief has increased by more than £4bn to £41.3bn, according to HM Revenue and Customs (HMRC).

HMRC figures - published yesterday (30 September) - revealed the ‘gross cost' of pensions tax relief hit £41.3bn in 2019/20, up from £38.2bn the year prior. The figures also showed that tax paid...

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