Chancellor Rachel Reeves is likely to take a close look at pension tax relief as she looks at ways to raise money for the Treasury in her first Budget next month, consultants LCP have warned.
Britons have lost out on £1.13bn of tax relief in the five years to 2020/21, according to Hargreaves Lansdown.
One of the big headliners in the Spring Statement was the cut in basic rate income tax from 20% to 19% from April 2024.
The Treasury has rejected any immediate changes to pensions tax relief, despite MP recommendations for an urgent reform.
SIPP and SSAS provider Curtis Banks has called for the protection of pension tax relief in the Budget on 11 March amid concerns relief could be chopped back or axed.
You could be forgiven for thinking that it was Groundhog Day again.