- Business
- Childbirth & Education
- Legal Formalities
- Motoring
- Other
- Pensions & Benefits
- Property & Accommodation
- Taxes
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Join us for Tea on the Terrace
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
- Liva & Laia : 15th November
A Labour government would restrict higher-rate pension tax relief for incomes of more than £100,000, it has been suggested.
This could encourage a number of people to look into equity release plans as a way of boosting their retirement income.
During last week's televised election debate, prime minister Gordon Brown said: "Our four-year deficit reduction plans include a rise in the top rate of tax above £100,000, taking away pension tax reliefs for those above £100,000 at a higher rate and a National Insurance rise."
However, this represented a change when compared to the Labour Party's current proposals to cut the tax relief for those earning more than £130,000.
The party's press office told Money Marketing that Mr Brown has just had a "slip of the tongue", but the prime minister repeated the suggestion during an interview with the BBC's Jeremey Paxman later that week.
Tom McPhail, head of pensions research at Hargreaves Lansdown, told Money Marketing: "Clearly, the fact that Gordon Brown stated that higher-rate pension tax relief will be cut for people earning over £100,000, then reiterated that message means we have to assume that if re-elected Labour will cut tax relief for those earning over £100,000."
A number of people approaching retirement age could now look into lifetime mortgages, which can provide a homeowner with a regular income, as a way of boosting their retirement funds.