If they want to take it from pensions then what this whole futile exercise has reminded us is that if you want to raise serious revenue, then apply a small tax across a wide-base and do not attempt a large tax across a narrow base.
There is a lesson in here for us all: whenever personal finances permit, we should maximise our usage of pension and Isa allowances each year, as they may not always be as generous going forward.
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Adrian Boulding is head of retirement strategy at Dunstan Thomas
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