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    Highest earners ripping us off !

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    papa_umau
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    Highest earners ripping us off !

    Post by papa_umau on Tue 06 Nov 2012, 12:43 pm

    Britain’s highest earners are pocketing 20 times more tax relief on their pension contributions than ordinary workers, a new analysis reveals today.

    Research by the investigative website Exaro, using the Government’s own figures, found people in the UK earning more than £150,000 a year are attracting tax relief averaging £12,000 annually. This compares with just hundreds of pounds for the typical pension saver.

    In some cases, top earners are pocketing pension relief worth £25,000 a year – close to average gross earnings in the country. The analysis will increase pressure on the Government to reform pension tax relief which critics claim cannot be afforded at a time of huge public sector spending cuts.

    Under the current system pension contributions are deducted before tax is paid. That means employees paying the 50 per cent top rate of tax benefit significantly more than those who pay tax at the basic rate of 20 per cent.

    In September Nick Clegg, the deputy prime minister, told his party’s conference that there was a “legitimate debate” to be had about the cost of pension relief for rich people. “Tax relief does not come free, It is other taxpayers paying their taxes who provide tax relief for people who are much richer than they are,” he said.

    The Exaro analysis shows that tax relief on pension contributions is expected to total around £20 billion in this financial year.

    Some £3 billion of this will go to a maximum of 250,000 people earning more than £150,000 a year.

    Read more about this particular "rip-off" HERE.


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    Re: Highest earners ripping us off !

    Post by Guest on Tue 06 Nov 2012, 12:52 pm

    Of course they are silly - pensions are taxed when they are drawn, not when contributions are made. This is a non story - the politics of envy yet again.

    If you had listened to the maths teacher at school you might understand a little bit more about how it works.

    GAH

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    papa_umau
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    Re: Highest earners ripping us off !

    Post by papa_umau on Tue 06 Nov 2012, 1:15 pm

    I have to ask...Did you actually read any of that above or is this just another partly-understood and knee-jerk reaction to ANYTHING I write ?

    The figures published above are not my figures, they are figures arrived at by investigative-website EXARO.

    Try absorbing the enormity of these figures again before dismissing them out of hand - as you usually do.


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