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U.K. Ministers Said to Be Discussing Cut in Pensions Tax Breaks

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Nov. 20 (Bloomberg) -- U.K. ministers are discussing the tax-free amount wealthy savers can put toward their pension as they seek to raise money to narrow the budget deficit, a person familiar with the talks said.

The Financial Times said today that Chancellor of the Exchequer George Osborne is considering reducing the 50,000-pound ($80,000) annual limit as he seeks to squeeze 10 billion pounds from the budget. Osborne is due to present his economic and fiscal forecasts to Parliament in his Autumn Statement on Dec. 5.

The person, who declined to be identified because the negotiations are at an early stage, pointed out that ministers had failed to reach agreement when similar proposals were considered previously. The Treasury said the FT report is speculation.

Osborne reduced the tax-free limit to its present level from 255,000 pounds in 2010. The FT said a reduction to 30,000 pounds would raise as much as 1.8 billion pounds for the Treasury.

To contact the reporter on this story: Gonzalo Vina in London at gvina@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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