Pension tax relief review throws up 'huge policy issues'

Jenna Towler
clock

George Osborne's call for radical thinking on pensions tax relief could solve the problem "once and for all" but there are huge policy issues to overcome, industry experts have said.

Osborne used his Summer Budget speech to announce a green paper asking for industry input on potential changes to tax relief which could bring pensions closer in line with ISAs. He said: "While we've taken important steps with our new single tier pension and generous new ISA, I am open to further radical change. "Pensions could be taxed like ISAs." He suggested people could pay in from taxed income and any withdrawals would be tax-free. It would receive a top-up from the government in-between, added the Chancellor. Further reading: 'ISA pensions' could reduce the deficit by £10b...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FSCS places Lancashire firm Frodsham Financial Planning in default

FSCS places Lancashire firm Frodsham Financial Planning in default

Advice practice formerly traded as Tom Carroll Associates FP

Hope Coumbe
clock 13 February 2024 • 1 min read
Schroders CEO: 'Private is a much easier place to exist than public'

Schroders CEO: 'Private is a much easier place to exist than public'

Peter Harrison says he is 'not quite sure we can solve the problem'

Cristian Angeloni
clock 02 February 2024 • 3 min read
FCA: Blackmore Bond promotions had 'very relevant risk warnings'

FCA: Blackmore Bond promotions had 'very relevant risk warnings'

No enforcement action for firms who approved financial promotions

Hope Coumbe
clock 07 December 2023 • 3 min read