Is Reeves mounting a pensions tax raid at the Budget?
With Labour’s second autumn Budget fast approaching, speculation about further tax rises has grown rife. The chancellor may need to find at least £22bn next month, pre-Budget research from the respected Institute for Fiscal Studies (IFS) found, as rising borrowing costs and weak growth forecasts drastically reduce her room for manoeuvre.Making matters more tricky for the Treasury is Labour’s continued commitment not to raise taxes on “working people” – meaning no increase to the headline rates of income tax, VAT or national insurance contributions.With these three largest bases of tax revenue closed off, the chancellor has fewer places to look to raise revenue, making it more likely she will pick from a diverse range of taxation tweaks.Changes to how property and capital gains are taxed have now been forecast by many economists, but some have also predicted that changes to pension policy could make an appearance.Pre-Budget research has found that the chancellor may need to find at least £22bn next month More
