Warning tax raid on pension contributions ‘could deter savers’ | Personal Finance | Finance
Investment giants have warned Labour against cutting the tax relief offered to well-paid Britons on their pension contributions.
Currently, workers on more than £50,271 can claim tax relief on their pension contributions at a rate of 40 percent, which matches the income tax rate payable.
By contrast, most of the UK workforce pays tax at 20 percent and gets this same lower level of tax relief on the pension contributions they make each year.
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