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HMRC Pension Changes in Autumn Budget Risk U-Turn 'Within a Matter of Weeks'
Pensions experts warn Chancellor Rachel Reeves that cutting pension tax relief could harm over 3 million basic-rate taxpayers and risk a political backlash similar to 2012's Omnishambles Budget.
- Pension consultancy LCP warns that Chancellor Rachel Reeves faces political risks if she cuts pension tax relief in the upcoming Budget.
- This caution follows lessons from the 2012 'Omnishambles' Budget when tax changes triggered public outrage and swift government U-turns within weeks.
- LCP outlines several key potential modifications to pension tax policies under consideration, such as ending higher-rate relief and limiting tax-free cash withdrawals, which may negatively impact both employees and employers.
- Steve Webb cautioned that although reducing pension tax relief might seem like an appealing option for a Chancellor facing financial pressures, it risks provoking a political backlash similar to the controversies seen in previous Budget decisions.
- LCP concludes that these reforms risk undermining pension saving, breaking manifesto pledges, hitting public sector workers hard, and triggering another rapid U-turn.
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39 Articles
39 Articles
Salisbury Journal+2 Reposted by 2 other sources
Cutting pension tax relief could send government into 'Omnishambles' Budget
Ahead of the Autumn Budget, speculation is rife that Rachel Reeves may find some much-needed extra cash by cutting back on pension tax relief.
·Salisbury, United Kingdom
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Telegraph & Argus+28 Reposted by 28 other sources
HMRC pension changes in Autumn Budget risk U-turn 'within a matter of weeks'
Ahead of the Autumn Budget, speculation is rife that Rachel Reeves may find some much-needed extra cash by cutting back on pension tax relief.
·Bradford, United Kingdom
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Coverage Details
Total News Sources39
Leaning Left0Leaning Right3Center28Last UpdatedBias Distribution90% Center
Bias Distribution
- 90% of the sources are Center
90% Center
C 90%
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