Budgets are forgotten once the media frenzy dies down but some of its proposals threaten a nasty after-shock, according to Max King...
Amid the flurry of Summer Budget announcements, easily dismissed was the consultation document suggesting the replacement of tax relief on pension contributions by an ISA-like system of tax free draw-downs in retirement. It is easy to assume that this idea will be killed stone dead by the consultation process but this could be complacent. Such a change would yield significantly more tax to the Chancellor in the short term with any long term cost a problem for Chancellors far into the future. Perhaps Mr Osborne is using the consultation process to spread the blame for a proposal he ...
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