UK chancellor 'likely' to freeze lifetime allowance: reports

Rishi Sunak, Britain's finance minister, has plans to freeze the lifetime allowance for the rest of the current parliament in a 'stealth tax' on the wealthy, according to The Times of London. The allowance freeze will raise £250m a year, The Times reported. If the lifetime allowance rose alongside inflation, as it currently does, it would increase by a further £88,900 by the end of the current parliament. The article appeared on the front page of The Times on Friday and headlined 'Sunak's tax raid on pensioners'. The story also quoted former pensions minister Steve Webb, who said: ...