UK Gov't Rejects Call For Pension Tax Overhaul

Law360, London (June 3, 2021, 5:18 PM BST) -- The government has rejected calls by senior MPs to urgently change the way pensions are taxed in Britain, saying the immediate priority is to rebuild public finances in the wake of the COVID-19 pandemic.

A Treasury Committee report in March called for wide-ranging changes to the U.K. tax system, including the "entire approach" to pensions tax relief. The report also called for an overhaul to the so-called lifetime allowance, a threshold above which individuals can be taxed on their total pensions savings.

Jesse Norman, financial secretary to the Treasury, said in his response on Wednesday that any changes to the current system...

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