February 18th, 2020 / Insight posted in MKS News

Cutting pensions tax relief penalises Britain’s brightest and best, says Moore Kingston Smith

“Abolishing higher rate tax relief for pension contributions would be grossly unfair to entrepreneurs,” says Mike Hayes, a tax Partner at Moore Kingston Smith. “The Chancellor should understand that people who risk all they have to start a business, often can’t afford to make pension contributions until relatively late in their careers. They have to catch-up. If he does cut or cancel the relief, the Chancellor should ease the position of savers and remove the annual limit for pension contributions.”