There is an Autumn budget due end of October 2018. Chancellor, Philip Hammond is strongly expected to decrease the tax-relief threshold from £40K per tax year, to just £30K.
This will affect self-employed people, for example, who've ploughed their profits back into their business, and then plough them into a pension fund in the years leading up to their retirement.
Is it fair to target people maximising their savings?
This will affect self-employed people, for example, who've ploughed their profits back into their business, and then plough them into a pension fund in the years leading up to their retirement.
Is it fair to target people maximising their savings?
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Pension tax relief is a bonus paid by the government when you save into a pension to incentivise saving for your future. Pension savers get paid a top-up from the government, which is set according to their highest rate of income tax. For most of the UK this means: Basic-rate taxpayers get a 20% top-up on what they save Higher-rate taxpayers can claim 40% pension tax relief Additional-rate taxpayers can claim 45% pension tax relief. Read more: https://www.which.co.uk/news/2018/10...eing-scrapped/ - Which? |
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