The TUC recently pointed out that pension tax relief for the top 3% or so of UK earners costs about £9bn a year.
Now insurance company Aviva has called for the abolition of higher rate tax relief with the money saved to provide tax relief of 30% for all pensions savings.
Nigel Stanley at the TUC noted this though:
The Times report has a tremendous “They Just Don’t Get It” to finish however:
Tom McPhail of Hargreaves Lansdown, the financial adviser, said: “The proposal to realign the tax relief will not be at all popular with higher rate taxpayers, who must be increasingly feeling as if they are being forced to bear the entire weight of the Government’s economic woes on their backs.”
I rather think those who have lost their jobs might have something to say about that.
Too true.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Buy me a coffee!
As a Labour Party member, I find this issue extremely frustrating. Why the hell don’t they just get on and do it, actually why didn’t they do it 12 years ago? Who are these vested interests who have such influence on a govt which is supposed to be ‘for the many and not for the few’?
Sadly for you and the many other decent Labour party members, I think “for the many and not the few” was just a slogan. The Labour party hierarchy never had any intention of confronting the vested interests or the very wealthy. I have never been a Labour party supporter, but I am saddened by it all too, by the betrayal of so many hopes.