Budget 2021: Sunak announces pension lifetime allowance freeze Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Savers automatically receive tax relief on their contributions into a workplace or personal pension, in a bid to encourage them to save for the future rather than rely solely on the State Pension. Yet this places a massive burden on the Treasury. Now Sunak may be forced to act. Related articles Don't fall for Rishi Sunak's income tax cut pledge – bills will rocket Sunak's 'drastic' 55% pensions tax raid begins – millions don't rea… Britons who save into a pension scheme automatically receive basic rate income tax relief at 20 percent on their contributions. This means that each £100 of pension that goes into their pot only costs them £80 in practice. Higher rate 40 per cent taxpayers can claim further relief through their self-assessment tax return. They only pay £60 to get £100 of pension…. Read full this story
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Pensions panic as tax relief bill soars – ‘Sunak to slash £42bn tax break’ have 275 words, post on www.express.co.uk at December 10, 2021. This is cached page on Search. If you want remove this page, please contact us.