October's Budget is expected to contain tax rises - and some of these could affect pensions
October's Budget is expected to contain tax rises - and some of these could affect pensionsRumours about what could be in Labour’s first Budget for 14 years have been picking up for weeks with many worried about the changes Rachel Reeves could make to people’s pensions.
Annual statistics published in July by HMRC showed that the cost to the Exchequer of the income tax and national insurance reliefs on pensions came to £48.7bn between April 2022 and April 2023, up £1.1bn on a year prior. On the other hand, a defined contribution pension is an individual savings-based scheme. Under this arrangement, both the employee and often the employer make contributions into a personal pension pot.A change to inheritance tax rules on pensions is also something that has also been called for by the IFS.
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