McPhail fears Treasury to target basic pension allowance

Hargreaves Lansdown head of pensions research says the tax loophole is an obvious target for a Government looking to raise income. Currently, those who do not pay tax can make a contribution of up to £2,880 a year and receive tax relief on it, grossing the money up to £3,600. However, the loophole is often used by the wealthy, who give money to a spouse or child who can then make a pension contribution and receive an additional £720. McPhail believes this loophole could soon be closed. "We have got a situation right now where the Government has no money to fund its projects, and ...