Budget man Torsten Bell has refused to rule out a tax raid on pension incomes. Not surprising from the high-tax fanatic…
Speaking at the Social Market Foundation’s Pensions Conference last night, Bell was asked about that reports Reeves might cut the tax-free amount people can withdraw from their pension pots. Bell refused to rule it out, saying: “I am not going to start commenting on budgets.” He then went on to slam journalists for “nonsense” reports about the Winter Budget…
Currently, pensioners are able to withdraw 25% of savings tax-free. The tax has been slammed by pension consultants as a raid that would “disproportionately hit responsible savers who have diligently put money aside.” Not to mention Labour guaranteed the allowance would be “permanent” in the election. Now Budget architect Bell isn’t ruling it out, prepare for yet another Labour broken promise…
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