Budget rumblings: Is Labour really going to axe pensions tax relief?

'Uncertainty caused by Budgets is it isn't helpful for financial planning'

clock • 5 min read

Laith Khalaf analyses the likelihood of changes to pensions tax relief in the upcoming Budget...

If you've been tuned out of the political narrative over the summer, you might not have heard that the government is facing a £22bn black hole in its finances and a ‘painful' Budget lies ahead. Then again, if you've got a smartphone, you're probably up to speed. There is plenty of speculation flying around about the taxes Labour are going to hike, especially after Keir Starmer said the heaviest burden will fall on those with the ‘broadest shoulders'. One of the rumours inevitably doing the rounds is that the Chancellor will axe higher rate tax relief on pension contributions. Possi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Investment Association calls for wider pension reform to boost UK growth

Investment Association calls for wider pension reform to boost UK growth

IA makes recommendations for UK pensions market

Holly Roach
clock 04 October 2024 • 2 min read
'Double default' AE savers represent massive advice opportunity

'Double default' AE savers represent massive advice opportunity

AE a success but ‘more needs to be done’ to help with complex decisions

Jenna Brown
clock 03 October 2024 • 2 min read
PA360 North: Workplace pension VfM changes bring advice opportunity

PA360 North: Workplace pension VfM changes bring advice opportunity

All schemes will be required to assess value for money for members

Jenna Brown
clock 01 October 2024 • 1 min read