Plans drawn up by Lib Dems would mean an end to higher rate tax relief

The Liberal Democrats Treasury spokesman in the Lords, Lord Newby, has called for an end to higher rate tax relief for pension savers. If such a recommendation were implemented it would reduce significantly the tax efficiency of pension savings and some experts believe could reduce the value of some pensions by up to a fifth. The peer made his suggestions in a pamphlet for the think tank Centre Forum where he also suggested that families should pay more in Inheritance Tax and that there should be “sweeping changes to the tax system”. The publication of the pamphlet comes at a time when the ...