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  1. Wealth
January 4, 2013

Ed Balls: Remove higher rate pension tax relief

By Spear's

The shadow chancellor said those earning more than £150,000 should only receive basic rate tax relief on their retirement savings

Labour has proposed a new tax raid on the pension savings of more than 300,000 wealthier Britons, in one of Ed Balls’s first big policy announcements.

The shadow chancellor said those earning more than £150,000 should only receive basic rate tax relief on their retirement savings.

This would mean they could only get tax relief of 20 per cent on their savings, compared with 50 per cent today, and 45 per cent from April. It would cost high earners thousands of pounds each year.

The money raised from the scheme, estimated to be at least £1billion a year, would be used to effectively pay private firms to hire the long–term unemployed.

Read the full story at telegraph.co.uk

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