People scrambling to make additional pension contributions ahead of planned changes to tax relief rules have left the Treasury with an additional £1.5bn bill, according to AJ Bell.
The platform and self-invested personal pension provider said the government will now hand out an extra £1.5bn in additional pension tax relief despite scrapping its plans. On Saturday, it was widely reported Chancellor George Osborne had abandoned plans to overhaul pension tax relief rules. He used his July Budget to launch a consultation on the issue and it was predicted he would use his upcoming 16 March speech to announce his intentions. However, Treasury sources said over the weekend it was "not the right time" for widespread changes. Division among Tory MPs was reported in natio...
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