Pensions: Tax Allowances

HM Treasury written question – answered on 10th July 2015.

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Photo of Ben Howlett Ben Howlett Conservative, Bath

To ask Mr Chancellor of the Exchequer, what plans he has for future policy on pension tax relief.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

The Summer Budget 2015 announced that the government is consulting on whether there is a case for reforming pensions tax relief to strengthen the incentive to save.

To help control the cost of pensions tax relief in the short term, the Summer Budget also confirmed the manifesto commitment to introduce a taper to the Annual Allowance for those with incomes, including pension contributions, above £150,000.

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