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Type: IFS Press Releases Authors: Carl Emmerson and Matthew Wakefield
The Conservatives have announced that, if elected, they would cut taxes by £4.0 billion in 2007ְ8. Of this they have allocated £1.7 billion to increasing support for individual contributions to private funded pension schemes where these contributions attract relief at the basic rate of income tax. Currently each 78p contributed by non-higher rate taxpaying individuals (i.e. basic rate taxpayers, starting rate taxpayers and non income taxpayers) to private pensions attracts relief of 22p. The Conservatives proposal would add another 10p Government contribution to each 78p of individual contribution, but only when they are made to funded private pension schemes. Under the Conservatives' proposal contributions made on individuals' behalf by employers, those that attract higher rate relief, and those made to unfunded public sector pension schemes, would not qualify for the additional support. Search |
 View all IFS Press Releases in the series
Recent IFS Press Releases
Households with children to lose most from tax and benefit changes in coming year
As background to the Chancellor's Budget on 21st March, IFS today publishes a summary of recent analysis looking at the likely evolution of household incomes over the next few years and, in particular, how they are likely to be affected by tax and benefit changes that are currently planned for 2012-13.
Borrowing set to undershoot official forecasts, but downside risks limit room for manoeuvre
The IFS Green Budget suggests that, even relative to major planned cuts, Whitehall departments will underspend by more than £3 billion this year.
Latest public pension reforms unlikely to save money over longer term; four-year pay squeeze returns public-private differential to pre-recession level
These are two headline findings from an in-depth analysis of this government's public pensions and pay policies done by IFS researchers in preparation for the launch of the annual IFS Green Budget. .
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