Chancellor contemplates cuts to higher rate pensions tax relief

The Financial Times reported that one idea being considered is cutting pension tax relief for those earning £50,000 or more per year to help prime minister Boris Johnson's spending plans and raise an estimated £10bn extra a year. Tax relief on pension contributions - which is estimated to cost the government around £40bn a year - is currently offered at the same rate as savers' income tax rate, but the long-discussed changes to the system would see high-earners losing out on a considerable amount of relief at retirement. The plans are reportedly being considered for the upcoming 11 Ma...