Costs Of Pensions Tax Relief To Gov't Rises To £41B

By Najiyya Budaly (October 1, 2021, 12:08 PM BST) -- Pensions tax relief cost the public purse £41.3 billion ($55.8 billion) for the year ending April 2020, a rise of £4.4 billion on the previous 12 months, the government has said, as employers automatically enroll staff onto retirement schemes.

HM Revenue and Customs said that the gross pensions tax relief for 2020 was higher than the £38.2 billion in the year ending April 2019.

The government pays savers tax relief on pension contributions at their marginal rate of income tax. This means that basic rate taxpayers get 20% in tax relief, which goes up to 45% for the highest taxpayers....

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