Pension Tax Relief - Possible Budget Target for Phillip Hammond

Philip Hammond is going to have to find the cash to cover the spending announcements - that minor matter, the extra £20 billion for the NHS could come from pensions tax relief — which currently costs £35 billion a year.

Pension Tax Relief could be targeted, with the amount people can save tax free likely to be cut, along with the threshold for higher earners.

In an interesting move, the Chancellor has announced an earlier than usual date to deliver his annual Autumn Budget. On 29 October the Chancellor will outline his vision for the UK economy. 

This is a challenging time to be setting budgets. Coming after the October EU Summit, but ahead of potentially two more dates in the diary for further Brexit discussions with the EU, how much certainty will the Chancellor have to allow him to use this opportunity to reset the country’s fiscal policies?

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