Pension allowance hit by Philip Hammond’s Treasury in Budget to fund NHS | UK | News | Express.co.uk


It is believed Mr Hammond will outline the plan in the October 29 budget.

A senior Treasury source told The Daily Telegraph that the Government is proposing to hit pensioners by either slashing the annual tax-free allowance or lowering the rates of relief.

Many pensioners currently receive tax relief which is based on the rate of income tax they pay.

For example, those paying income tax at 40 percent can claim 20 percent relief, whilst those paying 45 percent are eligible for relief of 25 percent.

 

Source: Pension allowance hit by Philip Hammond’s Treasury in Budget to fund NHS | UK | News | Express.co.uk