Any change would be ‘difficult given the financial circumstances’
HMRC predicts numbers to hit 9 million in 2026/27
'Private pensions are no longer simply a retirement savings vehicle. They have become a growing source of tax revenue'
'The political architecture is elegant, from the Treasury's perspective'
Allowances and exemptions
Higher rate allowance up to £46,350
The pension tax anomaly that gives with one hand and takes with the other
The personal allowance, the level before tax is paid on income, will increase to £11,000 next year, the Chancellor has said, a year earlier than previously announced.