Experts are warning savers not to make hasty decisions ahead of the Budget as no changes have been confirmed
There has been an increase in the number of people putting more money into their retirement savings pots, ahead of possible tax changes at October’s Budget, pension firms have reported.
But this rule, which means contributing more into a pension can reduce your tax bill, is rumoured to be in line for a change in October’s Budget.to consider introducing a flat 30 per cent rate of tax relief, which would mean higher-rate payers, those earning over £50,271, will pay an effective 10 per cent tax charge on their pension.
that it had seen increased contributions into self-invested personal pensions in the lead-up to the Budget. People contributing more into their pensions now may be hoping that these extra contributions avoid high tax bills if changes are made from the day of the Budget.
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