Tax Relief

Insurers urge the federal government to finish the discount in pension tax breaks

Law360, London (Feb.26, 2021, 1:31 p.m. GMT) – British insurers on Friday called on the government to abandon a “wrong” policy whereby people first dip into their pension pots when they struggle over the Making ends meet is achieved when a tax break is permanently lowered.

The Association of British Insurers said the so-called annual cash purchase allowance should be removed from the spring budget, due to be served by Chancellor Rishi Sunak on March 3, after it was discovered that more people are making money out of their long-term savings following the pandemic.

The rules mean that people with flexible income from their retirement pots …

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