Pensions Tax Relief: Employment and Retention

Baroness Lister of Burtersett Excerpts

Tuesday 1st November 2022 Lords Chamber

[Viscount Younger of Leckie (Con)]

This is a familiar angle from the noble Lord, and I have already mentioned a number of the steps we have taken. He will know that individuals can be subject to different tax treatments depending on the type of income they are receiving and whether they are employed, self-employed or working through a company structure. I reassure him that it is very important that we find the best way to reward those at the very top, particularly our senior clinicians, otherwise they might move abroad. We must also look at those at the other end of the scale, particularly at this very difficult time.

[Baroness Lister of Burtersett (Lab)]

My Lords, following on from the Minister’s response to my noble friend, the Prime Minister and the Chancellor assured us the other day that those with the broadest shoulders would be asked to bear the greatest burden. Therefore, will the Government look again at the question of higher rate tax relief and the amount of money that has been lost in that, and at whether significant savings might be made through that—leaving aside the problem identified earlier?

[Viscount Younger of Leckie (Con)]

I can certainly take back that message. As the House is aware, we have the Autumn Statement coming up on 17 November. Although I am the first not to second-guess what might be in that, I am certain that the Chancellor and the Prime Minister will be looking at all aspects, and particularly in this respect.