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Taxation: Pensions

Treasury written question – answered on 12th December 2011.

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Photo of David Laws David Laws Liberal Democrat, Yeovil

To ask the Chancellor of the Exchequer what recent estimate he has made of the cost of restricting tax relief on pensions to 20 per cent. on incomes of over £100,000 per annum; and if he will make a statement.

Photo of David Gauke David Gauke The Exchequer Secretary

HMRC estimate that the revenue yield from restricting tax relief on pensions to 20% on incomes over £100,000 per annum would be £3.6 billion in 2012-13, when compared to a position of full relief on contributions up to £50,000. This is on an accruals basis and excludes behavioural effects.

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