Steve Webb calls for flat rate 30% tax relief

In an interview with the Daily Mail, the pensions minister said the current system gave greater incentives to save to higher rate tax payers. But he added that the lifetime allowance, which introduces a penal tax rate for savers that amass a pot worth more than £1.25m, was an "illiberal" concept. Webb told the paper: "Most people get 20% relief, some people get it at 40%. But the people who get it at 40% get shed loads. If you gave everybody 30% then that spreads it much more evenly. Clearly that is not government policy, it is not even Lib Dem policy yet - but I'm working on that." ...