The tax burden will be higher for a while, unless you’re rich enough to put £60k a year into your pension, confirms Chancellor

author avatar by 1 year ago

The Chancellor has told the country that the tax burden will be “a little higher for a while”, well, unless you are fortunate enough to be able to put over £40k a year into your pension.

With the removal of the tax-free pension cap and an increase in the tax-free yearly allowance to £60k, wealthy people can squirrel away more money than ever before into their pensions without the tax man getting his hands on any of it.

Office worker and father of three, Simon Williams, told us, “I earn £40k a year, so I’m just a little bit short of earning the sort of money that would allow me to put £60k tax-free into my pension each year.

“But if I DID earn that sort of money, I’d be pretty pleased, I imagine.

“As it is, I’m simply left wondering how to feed, clothe and keep warm my three children while also paying a mortgage that has gone up 25% in the last year thanks to the ineptitude of the previous Tory prime minister.

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“I get it; giving good news is a nice feeling. We all enjoy doing it. I’m sure Jeremy Hunt enjoys doing it. But maybe, just maybe, the middle of a cost of living crisis isn’t the right time to be giving good news to people who are already pretty well off?

“I suppose we should be happy that a pint of beer isn’t going to get any more expensive. After all, that’s what us poor people like, right?”

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