With the summer holidays drawing to a close, the inevitable round of speculation about pension tax relief changes in the Autumn Budget has begun. Media reports suggest that Chancellor Philip Hammond has his eyes on cuts to higher rate tax relief on pension contributions when he presents his Budget statement to the House of Commons in November. The Chancellor has a challenging Budget ahead, with a desperate need to find extra funding for the NHS, the £20bn already pledged by the Prime Minister. According to an unnamed senior government minister, Hammond believes higher rate tax relief on pensions represents ‘one of the last remaining pots of gold we can raid’.
Pension tax change speculation ahead of Autumn Budget
This 1,025 word blog post considers media speculation about pension tax relief changes in the Autumn Budget, including a cut to the annual allowance (with corresponding abolition of lifetime allowance) or change to a flat-rate of tax relief on pension contributions. Written on 28th August 2018.