Treasury to cut pension tax relief

The Treasury is considering making change to pension tax relief in order to fill a £2 billion funding gap left by the decision to drop increases in national insurance contributions (NICs) for self-employed people.

Chancellor Philip Hammond (pictured) dropped the planned NICs rise last week after he was accused of breaking the Conservative party’s tax lock manifesto pledge.

The measures, which would have seen NICs for self-employed rise to 10% in 2018 and 11% in 2019, were expected to raise around £2 billion for the Treasury.

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