Don't scrap pensions tax relief. We need people to save more, not less

Scrapping higher-rate pension tax relief would amount to double taxation and discourage retirement saving, thereby depriving the economy of crucial long-term investment, says Max King.

Nigel Lawson abolished at least one tax every year © Getty
(Image credit: Getty Images)

How the Conservative party has changed. When he was chancellor in the 1980s, Nigel Lawson took pride in abolishing at least one tax every year. Now, in the run-up to Rishi Sunak’s first Budget, the press has been filled with presumably well-founded speculation about tax increases.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Max King
Investment Writer

Max has an Economics degree from the University of Cambridge and is a chartered accountant. He worked at Investec Asset Management for 12 years, managing multi-asset funds investing in internally and externally managed funds, including investment trusts. This included a fund of investment trusts which grew to £120m+. Max has managed ten investment trusts (winning many awards) and sat on the boards of three trusts – two directorships are still active.

After 39 years in financial services, including 30 as a professional fund manager, Max took semi-retirement in 2017. Max has been a MoneyWeek columnist since 2016 writing about investment funds and more generally on markets online, plus occasional opinion pieces. He also writes for the Investment Trust Handbook each year and has contributed to The Daily Telegraph and other publications. See here for details of current investments held by Max.