Labour govt would cut pension tax relief to 'fund job creation'

clock

The Labour Party has confirmed its policy to restrict higher-rate pensions tax relief to fund job creation will be in its 2015 manifesto.

This comes after chief secretary to the Treasury Danny Alexander announced last week there will be no changes to pensions tax relief in this year's Budget. The party's compulsory jobs guarantee would be funded for the whole of the next Parliament, rather than just a year, Labour leader Ed Miliband said. Labour has previously voiced plans to restrict pensions tax relief for people earning over £150,000 per year to the same rate afforded to basic rate taxpayers to fund jobs. A bank bonus tax would fund the first year of the policy, while the restriction on higher-rate pensions tax re...

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 Pensions

FCA targets pension transfers and SIPPs in major review

FCA targets pension transfers and SIPPs in major review

Regulator launches review of DC pension rules

Isabel Baxter
clock 13 December 2024 • 4 min read
Why wait for targeted support? Industry can build client confidence now

Why wait for targeted support? Industry can build client confidence now

'The power of compound interest should not be underestimated'

Andrew Tully
clock 10 December 2024 • 3 min read
Time is of the essence for pension transfers, advisers say

Time is of the essence for pension transfers, advisers say

More than half highlighted that they are taking one to six months

Isabel Baxter
clock 28 November 2024 • 3 min read