Chancellor to favour pension ISA in tax relief overhaul

Will announce tax relief changes in Budget

clock • 2 min read

Chancellor George Osborne is thought to be favouring ISA-style pensions in his plan to overhaul the tax relief system.

The Chancellor (pictured) has been consulting on various options for the future design of the pension system but is said to now be arguing the case for the pensions ISA scheme where the tax relief is restricted to basic rate, according to a report in the Telegraph. Pension experts warned the move would run into a number of difficulties and was set to "lose investors billions of pounds" in pension tax relief. The government has been consulting on new options for awarding pensions tax relief over the past few months in an attempt to cut the £35bn tax relief budget. Changing the curre...

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