TaxPersonal TaxBrown stands by decision to scrap pension tax credits

Brown stands by decision to scrap pension tax credits

Chancellor speaks out in defence of tax scrap

With the backing of the prime minister,
chancellor
Gordon Brown
has spoken out in defence of his controversial move to scrap
tax
credits for pension funds
.

Speaking at a press conference in Glasgow and flanked by Tony Blair, he
insisting it had been the best decision for the long-term health of the economy.

Brown said the measure had been ‘the right decision to make. It was the right
decision for investment, and it was the right decision for the future of our
pension system, and it was the right decision for the future of our economy’.

The move was aimed at attempting to silence growing criticism of the 1997
measure, which has seen the opposition claim that it had damaged the pensions of
millions of Britons by reintroducing a £5bn tax bill to pensions funds.

The CBI has accused the Treasury of
using spin to suggest it supported the tax scrap, when it in fact, did not.

Further reading:

Brown under fire over CBI tax credit claim

Brown ignored tax credit pension warnings

CBI objects to scrapping of pension tax credits

Related Articles

Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

3w Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

2m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

4m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

9m Alia Shoaib, Reporter