Labour drops plan to reintroduce cap on tax-free pension savings
Source: BBC
4 hours agoBy Faisal Islam, Economics editor, @faisalislam • Mitchell Labiak, Business reporterGetty ImagesLabour has dropped a plan to reintroduce a cap on how much people are allowed to save into their pensions before paying tax.Under the pensions lifetime allowance, pension pots over £1.07m faced an annual tax of £40,000 on average. The cap was scrapped in April but Shadow chancellor Rachel Reeves had vowed to…
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