Hammond looks to cut higher-rate pension tax relief

Chancellor Phillip Hammond is to consider cutting higher-rate pension tax relief in an effort to find extra money for the NHS.

According to the Mail on Sunday, an unnamed senior government source said Hammond has eyed the £38bn paid out every year in the form of pension tax relief as “one of the last remaining pots of gold we can raid”.

However, the Chancellor is likely to target “people who can afford to put tens of thousands of pounds into their schemes each year”.

The source said he may also cut tax breaks for investing in small companies, potentially hitting venture capital trust and enterprise investment scheme investments.

A Treasury spokesman said: “We don’t comment on budget speculation.”

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