Tuesday 27 June 2017

Charlie Weston: Changes to pension tax reliefs will fail everyone

Charlie Weston

Charlie Weston

MIDDLE-income workers will effectively end up having to take a pay cut if they want to continue investing the same amount of money into their pensions, if proposed changes to tax reliefs are put in place.

The Government plans to reduce the tax relief rate from 41pc, for higher earners, to 33pc.

The move is intended as a way to encourage those on the lower 20pc tax rate to put money into a private pension, as they would get tax relief at 33pc.

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