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Osborne plots new tax rules for high earners' pensions

Osborne plots new tax rules for high earners' pensions

George Osborne is plotting new taxes for the rich as he puts the final touches on his Autumn Statement, due to be handed in to the Office for Budget Responsibility (OBR) in just over a week.

The UK chancellor has to achieve some £10 billion in benefit savings by 2015/16 and is expected to meet this target by imposing fresh taxes on high earners.

According to reports, Osborne (pictured) will announce in December's Autumn Statement tax relief on pensions will be reduced.

He has to submit his final statement to the OBR by November 28 and a report in the Financial Times said Conservative Osborne is looking at introducing a £40,000 threshold as the maximum annual tax-free pension contribution when he delivers his speech on December 5.

In his 2010 Budget the chancellor dramatically reduced the exemption threshold on pensions.  He cut it from £255,000 to its current £50,000 limit.

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