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" Savers will be asked to give up billions of pounds of tax relief they have received on their retirement funds under a tax grab being prepared by the Government, the former minister for pensions predicts today.
Steve Webb, a prominent member of the coalition government until May, warns that people who have been “saving for decades” are the ultimate target of an inquiry announced two weeks ago.
The Treasury is considering re-writing the tax rules on pensions that currently ensure savers are charged only when they withdraw the cash after age 55.
In future, pensions could become almost identical to Isas – taxed up front rather than on withdrawal – albeit with a bonus to reward people for setting aside money for the long-term.
Commentators claim this would be one of the most far-reaching changes to pensions since the concept of mass retirement saving was first introduced by David Lloyd George, with the support of Winston Churchill, in the “people’s budget” of 1909. "
More - The biggest pensions shake-up in a century: how will it affect you? - Telegraph
AtW's comment - it turns out that Gordon Brown was a saint.
" Savers will be asked to give up billions of pounds of tax relief they have received on their retirement funds under a tax grab being prepared by the Government, the former minister for pensions predicts today.
Steve Webb, a prominent member of the coalition government until May, warns that people who have been “saving for decades” are the ultimate target of an inquiry announced two weeks ago.
The Treasury is considering re-writing the tax rules on pensions that currently ensure savers are charged only when they withdraw the cash after age 55.
In future, pensions could become almost identical to Isas – taxed up front rather than on withdrawal – albeit with a bonus to reward people for setting aside money for the long-term.
Commentators claim this would be one of the most far-reaching changes to pensions since the concept of mass retirement saving was first introduced by David Lloyd George, with the support of Winston Churchill, in the “people’s budget” of 1909. "
More - The biggest pensions shake-up in a century: how will it affect you? - Telegraph
AtW's comment - it turns out that Gordon Brown was a saint.
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