Debate Magazine

I Work in Pensions and Still I Think That This is Wrong Headed.

Posted on the 22 March 2017 by Markwadsworth @Mark_Wadsworth

Here ....and it's not a 'raid' you numpties.  You haven't got anything to 'raid' until you've made the contribution.
The fact is that higher rate taxpayers mostly use pension contributions as 'tax planning'.  Given the new access freedoms for pension funds this will likely lead to obtaining contribution relief at higher rates and tax payments on benefits taken at the basic rate and a potential double benefit of tax free transfers on death.
In fact only a relatively small number of taxpayer benefit from higher rate relief for pension contribution.
I for one would wholly support restricting pension contribution tax relief to the basic rate.


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