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

A 1000-day wait: Pension transfer delays demand urgent reform, advisers say

A 1000-day wait: Pension transfer delays demand urgent reform, advisers say

Transfer delays highlight need for ten-day Pension Switch Guarantee

Sahar Nazir
clock 29 April 2025 • 2 min read
Sipps: How clients can avoid common retirement planning mistakes

Sipps: How clients can avoid common retirement planning mistakes

'Retirement planning stands as a cornerstone of long-term financial well-being'

James Floyd
clock 28 April 2025 • 4 min read
Origo completes pensions dashboard connection

Origo completes pensions dashboard connection

Completed connection ahead of this week’s first deadline

Holly Roach
clock 28 April 2025 • 2 min read