Chancellor looks to cut annual allowance

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George Osborne is considering a new tax raid on the pension contributions of richer voters, after rejecting the idea of a "wealth tax" based on higher council rates for luxury homes and apartments.

The chancellor has promised to balance a planned welfare squeeze - needed to achieve a futher £10bn of benefit savings by 2015-16 - by imposing new taxes on the wealthy. Although Osborne's aides...

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