Saturday, 11 April 2009
Financiers in Fantasy Land
Those who live in the 'Financial World' still don't seem to have acquired any understanding of how the rest of us live. Pension contributions of up to £245000 p.a. qualify for the full 40% income tax relief - which itself is outrageous. In todays FT a 'Wealth Policy Director' states that: " --- public indignation over [bankers pensions] could lead to an attack on higher rate tax relief enjoyed by ordinary people". There aren't THAT many ORDINARY people who pay 40% tax and of those that do, even fewer could even dream of diverting anything like £245000 p.a. into a pension pot. This is another perk for the filthy rich so admired by that staunch Labour figure Peter Mandelson.