Pensions: Tax Allowances
(asked on 8th September 2021) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent estimate he has made of the cost to the public purse of private pension tax relief for (a) high rate and (b) additional rate taxpayers.
This question was answered on 13th September 2021
Her Majesty’s Revenue & Customs’ most recently published figures estimate Income Tax relief on contributions to private pensions totalled £30.5 billion in 2017-18 and it is estimated around 60% of this is relieved to Higher and Additional Rate taxpayers. HM Revenue & Customs’ Personal Pensions: Contributions and Tax Relief Statistics are next due to be published on 30 September 2021.