The Institute of Directors (IoD) has called on the government to allow people to withdraw an additional 10% of their pension tax-free to be used as an investment in a start-up company.
The IoD said the government should allow a theoretical cap of £100,000, or 10% of the pension pot, to be withdrawn in addition to the 25% tax-free allowance currently available under pension freedoms. The proposal was drawn up in its report The Age of the Older Entrepreneur after surveying 1,015 of its 30,000 members between February and March 2017. The report explored pressures on the labour market, particularly for older workers, and found more than half of respondents identified themselves as an entrepreneur or company founder when asked about their employment status. The IoD al...
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