Financial experts are concerned that the Treasury is focusing on pension tax relief in the upcoming Autumn Budget, with HMRC exploring restrictions on salary sacrifice schemes. Tomm Adams from Blick Rothenberg highlights that this approach prioritizes short-term revenue over the long-term security of retirement savings. He critiques the idea that salary sacrifice is merely a tax loophole, emphasizing its role in providing tax-efficient pension contributions. Adams advocates for equal National Insurance relief across all pension contributions, noting that the current government's focus on immediate gains could jeopardize future financial stability.
HMRC is targeting salary sacrifice schemes in a move that raises concerns over pensions tax relief, prioritizing short-term tax gains over long-term retirement security.
The pensions industry is alarmed by HMRC's short-sighted approach towards pension tax relief, potentially sacrificing future financial stability for immediate revenue.
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