All Tax articles – Page 2
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In DepthIn Depth: Rachel Reeves faces difficult Budget balancing act
Experts warn the government may be weighing up reforms to pensions taxation, with each option carrying major implications for savers and the Treasury alike. Sara Benwell reports on the various rumours and how they might be received.
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FeaturesShould tax relief be dependent on UK investments? Interrogating Ros Altmann’s radical idea
As an incentive for pension schemes to invest more in the UK, former pensions minister Baroness Ros Altmann has suggested making tax relief dependent on domestic allocations. Business and finance journalist Geoff Ho explores her idea and gathers expert reaction.
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OpinionThe crucial role of trustees as HMRC delays tax relief top-up payments
Trustees, especially member-nominated trustees, will be crucial in communicating the effects of a recent government decision on tax relief top-up payments, writes Kate Upcraft of the Association of Member Nominated Trustees.
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NewsAdministrators spared as HMRC adjusts IHT plans, but industry warns problems remain
Death in service benefits are excluded and reporting will not be the responsibility of administrators, according to HMRC’s draft legislation for changes to inheritance tax rules.
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NewsTISA urges rethink on chancellor’s pensions inheritance tax move
New research claims that the government could achieve its inheritance tax goals on pensions without burdening grieving families or undermining retirement saving.
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NewsIs the government about to sacrifice salary sacrifice arrangements?
Research published this week by HM Revenue & Customs (HMRC) suggests that the government could cut back on the tax benefits of salary sacrifice arrangements, according to industry experts.
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NewsHMRC moves to address pension tax overpayment issue
HM Revenue & Customs (HMRC) is to refund £49.5m in overpaid tax to people who withdrew cash from their pension pots in the last three months of 2024.
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NewsPLSA: Don’t make pension schemes carry inheritance tax burden
Plans to charge inheritance tax on unused retirement pots risk turning pension schemes into tax administrators and creating unnecessary distress for bereaved families, according to the Pensions and Lifetime Savings Association.
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NewsSPP labels inheritance tax payment proposals ‘very problematic’
Requiring pension scheme administrators and trustees to take responsibility for inheritance tax payments could cause problems, according to the SPP - and there are viable alternatives.
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FeaturesBudget 2024: Time to reconsider salary sacrifice?
With chancellor Rachel Reeves announcing plans for UK businesses to foot the bill for a £40bn tax increase – primarily through national insurance contributions – attention has turned to where companies can offset this cost.
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NewsDC schemes ‘must brace for Budget impact’, warns Hymans
Trustees and managers of defined contribution schemes should prepare to act quickly if there are tax changes in this month’s Budget, according to Hymans Robertson.
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OpinionEditor’s notes: Rumours and realities
This week saw the spectre of pensions tax relief changes rise yet again. How likely is it that this long-feared prospect may become a reality?
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NewsTax relief: Rumours abound as chancellor pressed on plans
The PLSA has played down speculation about tax relief changes after a “drafting error” detailing the pensions minister’s appearance at its annual conference sparked rumours online.
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NewsHMRC fills its boots on £2.6 billion bumper IHT receipts
HM Revenue and Customs (HMRC) has disclosed thatinheritance tax (IHT) receipts for the latest period (April to July) were £2.6 billion, £0.2 billion higher than in the same period in the previous year. July alone saw £603 million raised.
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NewsACA demands HMRC have LTA abolition rules ready by October
The Association of Consulting Actuaries (ACA) has called on HMRC to have put in place the rules to abolish the lifetime allowance (LTA) by October.
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NewsMaPS forced into about turn on revision of pensions guide
The Money and Pension Service (MaPS) has revised a key pensions guidance document over concerns it could lead to non-UK residents facing an unexpected tax bill.
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NewsACA: HMRC must give greater clarity to avoid "pensions limbo" for DB schemes and members
The pensions industry requires greater clarity from government departments, if defined benefit (DB) schemes and members are not to find themselves in a “tax limbo”, warned the Association of Consulting Actuaries (ACA) this morning.
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NewsCalls for pension tax overhaul as HMRC refunds over £56m in overpayments
Figures released by HMRC show that pension savers were refunded £56,243,842 in overpaid tax during the second quarter of 2023 alone.
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NewsIFS calls for government to scrap 25% tax-free lump sum
On the go: The Institute for Fiscal Studies has set out “controversial” proposals to reform the pension tax system, including removing the 25 per cent tax-free lump sum.
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NewsPublic sector pension statements’ deadline delayed
On the go: The government intends to delay the deadline for the issuance of pension savings statements covering the 2022-23 period by a year to October 2024 in certain public sector schemes, as part of the tax remedy to an age discrimination case.