Yes, of course, new speshul rules would be an outrage.
Sue Gray, the senior civil servant who now works as an adviser to Sir Keir, had a pension worth £1.9m as of March 31 last year, according to government accounts.
Meanwhile, Nick Joicey, a senior civil servant and husband of the shadow chancellor Rachel Reeves, had a pension approaching the old limit, worth £967,000, as of March 31 2022.
However, something different. You know how Spud says that pensions tax relief is in fact a tax subsidy, a break?
Under the old rules, any savings over the limit were taxed at 55pc if the money was taken as a lump sum, or 25pc plus the individual’s income tax rate if taken out gradually.
Richer people actually end up paying more tax by having a large pension. Over time they do at lesat. So that’s even more proof that pensions relief isn’t, in fact, a cdost at all. It’s a deferral – leading to higher, over time, tax revenues.
Which rather blows a hole in Spud’s complaint really.
So Sue Gray has been putting away, out of taxed income, two or three times median wages ever since she was first hired.
What was she doing that was so unique / dangerous / responsible / difficult?
And can I have some?
Seasy! Before you grant civil serpents advantageous income tax terms you apply a capital assets tax a la spud, so that none of them have pension rights worth over half a million.