The Government is set to work with the industry on "alternative ways" to implement pension tax relief restrictions - and is considering reducing the annual allowance to as little as £30,000.
Chancellor George Osborne said: "Many businesses are alarmed at complexity. I have listened to those concerns, however, I must also protect £3.5bn revenue it would create. "I will work with industry on raising same amount of revenue - potentially by reducing the annual allowance." In a Treasury document - published alongside the Budget - the Government said "provisional analysis suggested an annual allowance in the region of £30,000 - £45,000 might deliver the necessary yield". The document also confirmed the Government has "reservations" about the approach adopted in the Finance A...
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