New pension policy tax relief switch ‘unfair’ to older workers

New pension policy tax relief switch ‘unfair’ to older workers
 

Under new proposals being considered by the Treasury, the Government would offer £100 for every £100 someone pays into their pension – minus that person’s age. 
So a 25-year-old would receive a “top-up” of £75 for every £100 invested, while a 60-year-old would receive £40 for every £100 invested. 
Under the current system, pension savers receive tax relief at the same rate as their income tax. 
This means basic rate taxpayers receive tax relief at 20 per cent, but higher rate taxpayers receive tax relief at 40 or 45 per cent.
The new policy document was drawn up by investment specialists... read more

 
12 October 2016 in Business, Views: 41
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