Report Emergency budget 6th July in House prices and the economy Posted June 2, 2020 2 hours ago, hotblack42 said: Is anyone on here who benefits from this going to try to actually defend this? I've benefited from this a little, along with many friends and colleagues. I can't remember anyone, including my accountant, explaining how it was fair or reasonable. More along the lines of use it ASAP while its still there. A straightforward reverse Robin Hood job. I would defend in so far as it's a deferral of tax on income. What is given relief today is taxed tomorrow. If you take your pot into draw-down then anything withdrawn after the PCLS (max 25% tax free lump sum) is taxable as if it were earnings. It is an incentive people saving for their retirement and possibly future care bills. Your accountant was probably trying to minimise your tax liability for the year. What is most likely is the full removal of the pension scheme as is - 20% and 40%. The reason being this is cashflow negative for the government, they give you your relief at the point of saving. Instead I would bet we'l see a pension ISA of sorts whereby some incentive is provided for you to save into a retirement ISA (possibly just a removal of the £20k annual limit). This is cash flow positive for the govt. They do not provide the relief now only to have to tax it later.