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HMRC estimate that setting the annual pension tax relief allowance at:
(a) £40,000 would yield around £600 million per year.
(b) £80,000 would cost around £1,200 million per year.
This is when compared to the current £50,000 annual allowance which was introduced for tax year 2011-12 onwards.
These estimates are on an accruals basis and exclude behavioural effects.