pensions tax relief

The government’s much-awaited ‘Tax Day’ was met with little fanfare as predictions of cuts to higher-rate tax relief again failed to materialise.

The industry has been speculating on what chancellor Rishi Sunak will announce in the Spring Budget, with expectations that freezing the lifetime allowance, the introduction of a flat rate of tax relief, and a review of auto-enrolment (AE) will be among...

With rumours once again swirling around the future of pensions tax relief in the run up to this year's Budget, any reduced incentive for long-term savers could risk further exacerbating the generational divide in pensions, says Tom Selby

HM Revenue & Customs (HMRC) must evaluate the benefits that are provided by pensions tax relief, MPs have said amid concerns the tax office does not understand the impacts.

Lane Clark & Peacock (LCP) has suggested the chancellor should take advantage of a large parliamentary majority to introduce a fundamental reform to pensions tax relief to raise significant sums.

There was no industry consensus on the benefits and negatives of scrapping high-rate tax relief from this week’s 115 Pension Buzz peers in split results.

This week’s 89 Pensions Buzz respondents agreed with The Pensions Regulator’s decision to hold back from mandating the use of professional trustees.

Speculation is growing that chancellor Sajid Javid is seeking to raise revenue by cutting the tax relief on pension contributions for high earners from 40% to 20%.

The government will pay out £21bn in income tax relief for pension contributions this tax year, while national insurance relief payments will rise to £18.7bn, according to statistics from HM Revenue and Customs (HMRC).

With savers facing 100% of the potential downside of patient capital investment, as well as tax implications from the upside, Peter Glancy argues it is not the most enticing proposition.