Chancellor to favour pension ISA in tax relief overhaul

Will announce tax relief changes in Budget

clock • 2 min read

Chancellor George Osborne is thought to be favouring ISA-style pensions in his plan to overhaul the tax relief system.

The Chancellor (pictured) has been consulting on various options for the future design of the pension system but is said to now be arguing the case for the pensions ISA scheme where the tax relief is restricted to basic rate, according to a report in the Telegraph. Pension experts warned the move would run into a number of difficulties and was set to "lose investors billions of pounds" in pension tax relief. The government has been consulting on new options for awarding pensions tax relief over the past few months in an attempt to cut the £35bn tax relief budget. Changing the curre...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

First three firms complete pensions dashboards ecosystem connection

First three firms complete pensions dashboards ecosystem connection

Heywood, L&G and Pension Fusion have completed final stages required to connect

Holly Roach
clock 05 March 2025 • 3 min read
Post-Budget IHT planning: Gifting options in light of pension changes

Post-Budget IHT planning: Gifting options in light of pension changes

Withdrawals need to be spent, sheltered or gifted

Andrew Tully
clock 03 March 2025 • 4 min read
Pension transfers: Transparency vital in push to raise standards

Pension transfers: Transparency vital in push to raise standards

A glass half full for pension transfers?

Anthony Rafferty
clock 28 February 2025 • 3 min read