Last Saturday the BBC announced in a Money Programme ‘the closing of aloophole’ with the withdrawal of relief in respect of unused pensioncontribution relief previously being able to be carried forward or back.
As I recall this accumulation of relief has been available for very many yearsallowing contributions when cash flow permits. It was never ‘a loophole’ asit was specifically incorporated into legislation. Indeed it gave valuableflexibility to private schemes that the government wishes to encourage.
My guess is that the BBC quoted from Inland Revenue publicity. The samepublicity that told us last year that married persons allowance was being’replaced’ by a new child allowance. This too was a spin, as those marriedwithout qualifying children lost the allowance- it was not ‘replaced’.
In correspondence I have had with a senior Labour finance minister, she usesidentical wording to that recited by The Revenue. It is not up to the InlandRevenue to spin political decisions and try to hide tax increases in this way.
Warren Levy FCA FCMC
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