Property News · December 5, 2012

Pension tax relief cut: 'It's not just the ultra-rich that will be hit'


Mark Dampier of Hargreaves Lansdown says the impact of the £10,000 cut in the annual tax-free limit will hit many saversMark Dampier admits he’s lucky to be able to afford to put £50,000 a year into his pension, but is furious at the £4,500 tax charge he faces paying when the £40,000 cap on contributions is introduced.”Everybody thinks that it’s rich bastards who should be taxed more. It’s in tune with the times. But it’s already the case that the top 10% of earners pay 55% of all income tax. In the past few years we have lost personal allowances and have been busy paying 50% and 45% income tax rates. My national insurance has also gone up like a rocket. Remember when Gordon Brown said the extra NI was there to pay for the NHS? I might have been happy with that, but the NHS is now bleeding dry.” Continue reading…

Source : theguardian.com
Read more…Pension tax relief cut: ‘It’s not just the ultra-rich that will be hit’

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