Osborne will face revolt over plans to raid wealthy pensioners’ pots – Tory backbenchers

‘Chancellor George Osborne will face a fiery backbench revolt if he persists with plans to raid the pensions of high-income tax payers in a bid to slash the deficit, senior Tories have claimed.

In the run up to March’s budget, proposals are being mooted in the Treasury to ensure all workers who pay into a pension would get tax relief of between 20 and 30 percent. While the policy shift would bolster the pension pot of most workers, those who pay over 40 percent tax would be at a disadvantage.

Because higher-rate taxpayers tend to allocate more of their annual income into their pensions, the proposed changes would create a multibillion-pound tax windfall for the Treasury.’

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