Labour Guaranteed Tax-Free Pension Allowance Would be “Permanent” in Election – Guido Fawkes

Labour Guaranteed Tax-Free Pension Allowance Would be “Permanent” in Election

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Yet another briefing about the budget: “Reeves is to consider cutting the tax-free pension lump sum in a move that would be expected to raise more than £2 billion a year… Industry insiders said there was widespread speculation she will cut the maximum amount people can withdraw from their pension without paying tax.” This was not denied by the Treasury…

Here’s what Labour said about that during the election:

“The ability to withdraw 25% of your pension as tax-free lump sum is a permanent feature of the tax system and Labour are not planning to change this.“

That ties Reeves’ hands. Changes to the allowance would constitute an election lie. Expect more of this coming up to the omnishambles budget…