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Rishi Sunak 'highly likely' to reduce tax relief on pension contributions in March budget

Tax relief on pensions can be limited by an annual allowance, which is the most a person can save into their pots before any tax is levied.
Currently, the annual allowance is £40,000 but it may be lower than this for people who have flexibly accessed their pensions or who have a high income.
Those on a high income will have a reduced (tapered) annual allowance if their:
threshold income is over £200,000
adjusted income is over £240,000
The government have confirmed they will tackle coronavirus with the budget (Image: EXPRESS)
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Additionally, people will usually pay tax on contributions if their pension pots are worth more than the lifetime allowance, which is currently sitting at £1,073,100. ....

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Rishi Sunak wants savings to be spent post lockdown - savers urged to cover debts instead

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Rishi Sunak reportedly told an online audience of conservative party members that he felt good about the UKs prospects post-coronavirus in late-December. Since March, millions of workers have been forced to work from home where they can and some of these people may have built up savings as their expenses reduced. ....

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Furlough: Rishi Sunak's plans may lead to redundancies and 'digital deplacement' - why? | Personal Finance | Finance

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Furlough payments have kept millions employed throughout 2020 but on top of this, it has also kept just as many workers out of the office. In many cases, these workers have been forced to stay at home for long periods of time and this could weigh on people s mental health. ....

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Rishi Sunak leaving furlough & SEISS claimants 'in the cold' as problems emerge | Personal Finance | Finance

As we head into 2021, we re fast approaching a full year where contractors and freelancers have effectively been left out in the cold.
The self-employed have been hit hard by the pandemic with recent research from the Association of Independent Professionals and the Self-Employed (IPSE) showing government support is not having much of an effect on the sector s fortunes.
They found the number of solo self-employed workers in the UK has fallen by five percent compared to last year.
Additionally, around 591,000 people became self-employed between 2019 and late 2020 and given the rules around SEISS, none of them would have been able to benefit from the support. ....

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