Labour Errs Badly by Discouraging Pension Savings: Stuart Trow

Labour’s recent budget profoundly altered the UK’s pension landscape, but the full significance of its impact has yet to be recognized.

Before Chancellor of the Exchequer Rachel Reeves cracked down, the government was effectively providing generous tax breaks (of up to 45%) to enable the wealthy to salt away millions into their pensions, which could then be passed onto their heirs entirely free of inheritance tax (IHT).

It was an estate planner’s dream to have the taxpayer subsidize a vehicle that not only dodged capital gains tax, but also provided immunity from the ultimate fiscal arbiter.

Of course it was all ...