It meant the basic state pension for those who reached state pension age prior to April 6, 2016, increased to £141.85 per week – while the full rate of the new state pension rose to £185.15. Some experts, with a degree of justification, believe the current pension tax relief system favours the wealthy. To put this into context, the UK has 34million income taxpayers of which 5.5million are higher rate or additional rate tax payers. Would there be a furore over restricting pension tax relief? He says many taxpayers have felt that higher rate pension tax relief has been in the 'last chance saloon' for years.

Source: Daily Mail October 30, 2022 00:02 UTC