All Tax articles – Page 12
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OpinionWhy raiding pensions in the Autumn Budget is a terrible idea
Leave pensions tax relief alone for the time being, argues Embark’s Robert Graves, explaining how more changes to the system will only put savers off pensions.
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News
Willetts: Tax pensioners more to stem potential opt-out rise
National insurance contributions from pensioners’ income could be used to stem opt-outs resulting from increased contributions under auto-enrolment, an influential Conservative peer has suggested.
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News
Michael Johnson: Replace pensions tax relief with bonuses
In a bid to make pensions saving more progressive, the Centre for Policy Studies has recommended substituting tax relief on pensions for capped bonuses on individual and employers’ retirement contributions.
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OpinionWho pays for the pension shortfall?
From the blog: The gold-plated pensions generation owes it to the next to create an equitable and sustainable way of providing for income in retirement.
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Report urges pensions overhaul to fix intergenerational unfairness
The UK’s intergenerational contract is under more strain than ever, and radical reforms are needed to secure the funding of increasing care costs while helping young people to save, according to Conservative peer Lord Willetts.
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News
Excess pension freedoms tax of £22m repaid in Q1 2018
HM Revenue and Customs figures show £22m in overtaxed pension freedoms payments was repaid in the first quarter of 2018, prompting calls for reforms to the way withdrawals are taxed.
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News
Cost of tax relief plateaus at £38.6bn
The cost of tax relief on pension contributions has reached £38.6bn, only £100m more than the previous year, after jumps in 2015 and 2010. Deducting pension-related tax, the figure comes down to £25.2bn.
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NewsRegulation could increase after Brexit, experts say
Brexit could lead to more rather than less pensions regulation, while radical revisions to tax relief might be needed to keep low earners enrolled in the pensions system, according to a panel of policy experts.
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News
Cost of pensions tax relief at record £24bn
The cost of providing tax relief on workplace pension contributions is set to exceed £24bn in 2017-18, according to figures published by HM Revenue & Customs on Tuesday.
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News
Employers need individual guidance to navigate VAT rules, accountants say
The Pensions Research Accountants Group has responded to recent HM Revenue & Customs changes to the VAT treatment of pension fund costs, advising schemes to seek guidance on their individual circumstances.
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Four priorities for McVey's DWP
The Department for Work and Pensions got its fifth boss in less than two years on Monday evening, with Theresa May’s Cabinet reshuffle replacing David Gauke with Esther McVey as secretary of state responsible for the department.
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OpinionIt is time to introduce a flat rate of tax relief
Imagine shopping in the January sales, where items are discounted but you are not told which ones or by how much. Would you not buy more if you could see the discounts from which you were benefitting?
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News
TPR gets stronger, the government weaker: Top 5 law and regulation stories from 2017
Year in review: If the UK government’s all-consuming struggle to strike a beneficial Brexit deal can bring any relief to pensions professionals, it is that departments have not had time for the pensions tinkering so despised by the industry.
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FeaturesWhat can we expect from the Autumn Budget?
Analysis: The chancellor’s Autumn Budget is fast approaching, but the industry should not expect any radical pension changes from a weak government bogged down by Brexit, experts say.
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OpinionA busy pensions agenda
Editorial: News that the pensions dashboard will be taken forward by the Department for Work and Pensions has been welcomed by the pensions industry.
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News
Age-based tax relief rumours met with industry criticism
Philip Hammond is understood to be considering cuts to tax relief for older workers to fund tax breaks for younger people, a move that would ‘smack of ageism’ and cause further confusion, industry figures say.
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Opinion
Are pensions what the self-employed need?
Ben Jennings is not saving into a pension, and neither are his peers. The cartoonist and illustrator, whose work appears in this publication and The Guardian among others, says he and and other self-employed 20-somethings are too busy trying to pay their rent.
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NewsPLSA proposes national retirement income targets
The Pensions and Lifetime Savings Association has suggested the introduction of Australian-style national retirement income targets in its latest consultation paper.
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NewsHMRC abandons VAT policy on insurer exemption
HM Revenue & Customs has adapted its policy on the VAT treatment of pension fund management conducted by insurers, removing an exemption for all services, other than those supplied to "special investment funds".
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OpinionNew rules on profit-shifting could affect pensions
As demands for companies to be more tax transparent have built momentum, international reforms are being formulated that could impact tax strategies and dramatically change sponsor covenant.