It is rumoured that the Chancellor will reduce tax relief available to higher earners on their pension contributions in her Budget in October
The boss of insurer Aviva has warned the government against tapping into private pensions to plug a £22 billion deficit in the country's finances. Speculation is rife that the Chancellor Rachel Reeves may cut the tax relief available to higher earners on their pension contributions in her October Budget.
There are suggestions that the tax relief on pension contributions could be standardised across all workers at 30 percent to make the system fairer. This would mean assisting the vast majority of basic rate taxpayers to increase the value of their pension pots. At the same time, it would take some money away from better paid people.
The CEO also argued that increased pension savings would result in more funds available for investment within the UK. She stated: "On pensions tax relief I think we would just caution that if you really want people to save for the long-term pensions are a long-term game, they are not something that you do something with today and don't have consequences in five, ten, 15, 20 years' time.
Aviva, listed on the FTSE 100 and with significant operations in Canada, has seen a boost attributable in part to a rise in general insurance premiums within Britain and Ireland. These have surged by 18 percent to £3.8 billion.
Pensions Your Money Money The Budget
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Fury as Chancellor Rachel Reeves admits she WILL hike taxes in Budget on October 30Jeremy Hunt MP, Shadow Chancellor, said pensioners will feel betrayed over fuel allowance cut announced by Labour Chancellor Rachel Reeves.
Weiterlesen »
Fury as Chancellor Rachel Reeves admits she WILL hike taxes in Budget on October 30Jeremy Hunt MP, Shadow Chancellor, said pensioners will feel betrayed over fuel allowance cut announced by Labour Chancellor Rachel Reeves.
Weiterlesen »
Fury as Chancellor Rachel Reeves admits she WILL hike taxes in Budget on October 30Jeremy Hunt MP, Shadow Chancellor, said pensioners will feel betrayed over fuel allowance cut announced by Labour Chancellor Rachel Reeves.
Weiterlesen »
Exact date of Labour Government’s first budget revealed as Chancellor announces sweeping cuts...Chancellor Rachel Reeves announces £22bn black hole in UK budget
Weiterlesen »
Rachel Reeves announces first Labour government budget to take place in OctoberThe chancellor said full economic and fiscal forecasts from the Office for Budget Responsibility will be presented alongside the budget.
Weiterlesen »
Brits will be clobbered with tax hikes in Halloween Budget, confirms Chancellor Rachel Reeves...Chancellor Rachel Reeves announces £22bn black hole in UK budget
Weiterlesen »