Question to the HM Treasury:

To ask Her Majesty's Government whether they have any plans to change the tax treatment accorded to pension contributions.

Autumn Budget 2017 made a number of announcements about the Government’s plans for ISAs, Venture Capital Trusts, the Enterprise Investment Scheme, and the tax treatment accorded to pension contributions.

The ISA annual subscription limit for 2018-2019 will remain unchanged at £20,000. In April 2017 the annual ISA allowance increased by a record amount to £20,000.

Both the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) scheme are being expanded to provide further support for knowledge intensive companies while re-directing investment from low-risk ‘capital preservation’ investments into entrepreneurial, growth companies. Full details of the EIS and VCT changes can be found in the Government’s response to the consultation Financing Growth in Innovative Firms, published alongside Autumn Budget 2017.

The Budget also confirmed that the lifetime allowance for pension savings will increase in line with the Consumer Price Index, rising to £1,030,000 for the tax year 2018 to 2019.