A stealth tax raid on millions of pensions savers is 'firmly on the agenda' as Rachel Reeves looks to increase revenues, experts have said.
The Chancellor is under growing pressure to raise billions of pounds to fund extra spending commitments and rising borrowing costs ahead of her autumn Budget.
This could include having to find the money to pay for the scrapping of the two-child benefit cap, following demands by Labour MPs to lift the restriction on welfare.
Amid the increasing strain on the public finances, HMRC has been revealed to have explored a shake-up of the salary sacrifice system used by pension savers.
This allows employees to voluntarily give up part of their wages to pension contributions in order to lessen the income tax and National Insurance due on their salaries.
