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Pensions tax relief

The CIOT welcomed the Government’s decision to review the previous administration’s plans to restrict pensions tax relief although the tax body accepted that the relief was going to be curtailed. Tax Policy Director John Whiting said: ‘Our argument from the start is that there has to be a simpler way than the absurdly over-complex system pushed through by the previous government. The cost of implementing the changes in rules was estimated at some £900m. Our suggestion has always been that a simple and pragmatic deep cut in the annual contribution limit was the way to go and we are very pleased to see the Chancellor is going to look properly at this route.’

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