£2.4bn increase in cost of pensions tax relief

But lifetime allowance charges increase by 11% on previous year

Martin Richmond
clock • 3 min read
£2.4bn increase in cost of pensions tax relief

The gross cost of providing tax relief on pensions contributions has increased by £2.4bn for the period of 2020/21, according to Lane Clark & Peacock (LCP) analysis of HM Revenue & Customs data.

The consultant said that, according to HMRC figures published today (28 September), the gross cost of tax relief on pension contributions cost the government £44.1bn, compared to £41.7bn for the ye...

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