Pensions annual allowance changes on the cards 'to fund NHS boost'

£38bn up for grabs

Hannah Godfrey
clock • 2 min read

Chancellor Philip Hammond is planning to raid the pensions of higher-rate taxpayers to fund a boost to the NHS, most likely through changes to the annual allowance and tapered annual allowance, according to a report.

This weekend the Daily Mail reported an unnamed senior government source said Hammond (pictured) had identified some £38bn in pension tax relief as "one of the last remaining pots we can raid". The source added Hammond was planning to target only "people who can afford to put tens of thousands of pounds into their schemes each year". The money will be used to fund Theresa May's planned £20bn-a-year boost to the NHS. May initially claimed the boost would be partially funded by a "Brexit dividend", after pledging to give the NHS the extra money by 2023 as a 70th "birthday present".  ...

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