Transactional Tax Planning Partner Charlotte Sallabank was quoted in several media outlets regarding possible changes to tax relief in the Autumn Budget and mounting speculation that the Chancellor of the Exchequer, Rachel Reeves, may target pensions to raise revenue instead of increasing income tax, national insurance contributions (NIC) or value-added tax (VAT), which The Labour Party pledged to avoid.
In both The i Paper and The Legal Diary, Charlotte said that cutting tax relief on pensions "would be a lucrative move and more subtle than increasing tax rates." She further commented in The Legal Diary, "It seems to me that the continued freeze on tax thresholds is inevitable. Other than these two moves, I cannot see that [Rachel] has many other options available to her, given her stated promise to adhere to the fiscal rules and not increase rates of income tax, employees' NIC and VAT." She added that while "on the face of it," wealth taxes are more acceptable to labour voters, they "rarely bring in the projected revenues and often ultimately result in a reduction in tax take."
"More people piling money into pensions fearing tax-relief raid - should you do it?," The i Paper, July 24, 2025
“Diary news plus insights, commentary and appointments from the legal world,” Edward Fennell’s Legal Diary, July 25, 2025
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