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UK coalition to introduce pension options to raise tax take
Atlanta News.Net
Wednesday 28th July, 2010
The BBC has reported that the UK government plans to restrict pension tax relief for higher paid individuals.
In a different measure to that planned by the previous administration, the coalition will introduce more aggressive options to raise extra money.
The Treasury has suggested that each taxpayer's annual pension allowance, the amount by which their pension can grow tax free, should be slashed from the current £255,000 a year to between just £30,000 and £45,000 a year.
Treasury figures have suggested that by 2012-13, a £45,000 annual pension allowance would raise a similar amount to that expected under Labour's plans, in the region of £3.6 billion.
A lower £30,000 annual allowance would raise £4.8 billion.  Email this story to a friend
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