Personal tax changes squeeze the rich, gently

Chancellor George Osborne struck a Robin Hood-style pose during his Autumn Statement as he sought to demonstrate “we are all in this together” by announcing measures to take more tax from the better off.

As predicted by Rebecca Benneyworth, the move on wealthy taxpayers too the form of a reduction in tax relief on pensions savings. From 2014-15 the annual allowance for pensions tax relief will drop from £50,000 to £40,000 and the lifetime allowance for will be reduced from £1.5m to £1.25m.

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