I hadn't thought about it but the 2p off income tax means that less money will go into your pension. Presently, if you pay £100 into your pension, the Treasury tops it up to approx. £128. NOW, if you pay £100 in, it will - hey presto - only be approx. £125.50. So in case that is too difficult to understand, it means that the Treasury is paying out about £3billion LESS each year ie it is a £3billion tax INCREASE.
I'm leaving.
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