Savers are losing a stated 300 million pounds in tax relief
Higher rate tax payers are reportedly not claiming back the full tax relief available on their pensions. The majority of higher rate tax payers are not claiming what they are entitled to, which can be more than £1000 per year depending on their circumstances. Higher rate tax payers paying 40% are allowed to claim tax relief on their pension at 40%, instead of the 20% many are claiming.
