Industry warns of 'pensions raid' to fund IHT reduction

Cuts will be made to tax relief that high earners can claim on pension contributions in order to fund an increase in the inheritance tax threshold. Tax relief will be restricted for those earning more than £150,000. Intelligent Pensions marketing director Andrew Pennie said that "raiding pensions is the wrong approach". "Pensions have been through so many changes in recent years, we now need a need a period of consistency, instead of constantly chopping at the tax advantages," he said. "The worry is this slicing of tax relief is merely the first step. Once this barrier has been hur...