£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...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

John Healey named Chancellor of the Exchequer in 'surprise' appointment

John Healey named Chancellor of the Exchequer in 'surprise' appointment

Following speculation

Cristian Angeloni
clock 21 July 2026 • 2 min read
News Digest: UK pension giants 'most exposed in Europe' to shadow banking risks

News Digest: UK pension giants 'most exposed in Europe' to shadow banking risks

PP brings together all the latest news on pensions from across the national and financial media

Professional Pensions
clock 21 July 2026 • 1 min read
Andy Burnham: 'Britain needs to show the world we can regain our stability'

Andy Burnham: 'Britain needs to show the world we can regain our stability'

Cabinet to be confirmed

Michael Nelson
clock 20 July 2026 • 2 min read
Trustpilot