Pensions tax relief faces cut as government seeks funding for NHS

Hammond is currently considering either cutting the rate of relief or reducing the tax-free annual allowance, The Telegraph reported, to help fund a £20bn boost to the NHS that prime minister Theresa May announced in June. The newspaper cited a "senior Treasury source" as claiming the £39bn annual cost of tax relief could not be ignored when seeking methods to fund the promise to the health service. The speculation comes after the Treasury select committee earlier this year called for "fundamental reform" of the tax relief system. In a wide-ranging report on household finances, MPs on...