HMRC 'doesn't understand' impact of pensions tax relief, say MPs

In a report published on 20 July, the Public Accounts Committee (PAC) said the government could not conclude whether the £38bn estimated immediate cost of pensions tax relief in 2018/19 was effective. It said that the government "has not made any assessment of whether that huge cost actually encourages saving for retirement or reduces dependence on state retirement benefits, or whether it just enables those already saving comfortably to save more". The committee also criticised HMRC and HM Treasury for being "insufficiently curious" about how tax reliefs can impact members of differen...