TaxJan 12 2023

Pension tax relief 'cost' hits £27bn

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Pension tax relief 'cost' hits £27bn
(Chris Ratcliffe-Bloomberg)

“As we come up to self-assessment deadlines it is a timely reminder for higher rate taxpayers to check to see if they are claiming their higher rate relief or they risk missing out.

“On the flip side there’s no getting away from the huge cost of pension tax relief to government and it’s only likely to go higher as more people are enrolled and wages grow. 

“For years there’s been speculation government might be tempted to trim tax relief to cut costs – so far, it’s been resisted but with budgets under pressure it may prove too tempting a prospect to leave.”