Pension tax relief changes could lead to 'dark place', warns Steve Webb

Helen Morrissey
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Further changes to pensions tax relief could lead the industry "into a very dark place", according to ex-pensions minister Steve Webb.

Speaking at Pensions & Benefits UK, Webb branded rumours that the lifetime allowance could be further reduced to £1m as "ridiculous" and said potential changes to the annual allowance look "messy". "The idea is that if I earned between £150,000 and £210,000 then my annual allowance could fall from £40,000 to £10,000," he said. "Most people will only know this once they have filled out their tax return and so you could end up facing a tax charge in the tax year 2017/2018 based on your earnings in the previous year. "You can't gauge how much you may have to pay the following year bec...

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