Scrap 'costly and ineffective' higher rate tax relief - think tank

Centre for Policy Studies academic Michael Johnson comments come after rumours chancellor George Osborne may cut higher rate relief by reducing the annual allowance on contributions from £50,000 to as little as £30,000 in the Autumn Statement. The pensions industry widely derided the policy suggestion, with several figures claiming any cut to tax relief would damage pension saving at just the moment the government is trying to improve it through auto-enrolment. However Johnson, claimed in a controversial report that the £360bn spent on various tax reliefs has failed to boost saving. ...