Chancellor Sunak 'likely' to freeze lifetime allowance - reports

Tom Ellis
clock • 1 min read

Rishi Sunak has plans to freeze the lifetime allowance for the rest of the current parliament in a "stealth tax" on the wealthy, according to The Times.

The allowance freeze will raise £250m a year, The Times reported. If the lifetime allowance rose alongside inflation, as it currently does, it would increase by a further £88,900 by the end of the current parliament. The article appeared on the front page of The Times on Friday and headlined 'Sunak's tax raid on pensioners'. The story also quoted former pensions minister Steve Webb, who said: "At present, only a small number of people pay a tax charge when they exceed the lifetime allowance. But a long-term policy of freezing the limit could have implications for well over a million w...

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