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Brown hints at axing higher rate relief

Prime Minister Gordon Brown has reportedly hinted that higher rate tax relief on pension contributions could be scrapped in next week’s Budget.

An article in today’s Daily Mail says Brown suggested the move at a breakfast meeting hosted by the Scottish arm of the Confederation of British Industry.

The meeting was attended by Cabinet Secretary Sir Gus O’Donnell, Secretary of State for Scotland Jim Murphy and various figures from the financial services industry.

Money Marketing has heard from a number of sources that the proposal to scrap higher rate tax relief
is being seriously considered this year, potentially as a means to pay for a boost to the Isa regime.

A number of advisers, including Dennehy Weller & Co, have urged their clients to make planned pension contributions now in anticipation that Chancellor Alistair Darling will axe the relief on Wednesday.

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