All Tax articles – Page 7
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GMP tax guidance expected to land in February
On the go:Guidance from the Pensions Administration Standards Association on the tax implications of guaranteed minimum pensions equalisation is expected to be published next month, according to an update from the body’s dedicated working group.
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Simplifying language can increase pensions engagement
On the go: Almost half of savers do not know they can choose how much money they pay into their pensions, while a third misunderstand the purpose of auto-enrolment minimum caps, a new report has revealed.
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Employers support tax reform to help low paid
On the go: UK employers have voiced overwhelming support for reform of the UK’s complex system of pensions taxation, even if it means that some are worse off.
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Nest outlines small steps to close ‘gender pensions gap’
On the go: Opting in to a pension scheme at 18, understanding if the employer matches the worker’s contributions, and adding as little as an extra £2.50 a week to the pension pot are all ways of closing the gender pensions gap, according to a report from Nest.
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Govt consultation suggests abandoning GMP conversion
The Treasury has indicated it may axe guaranteed minimum pension conversion in a new consultation, with experts citing administrative costs as a reason to ditch the idea.
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Calls for govt to change transfer rights to halt scams
Pension regulators should be given the power to override people’s statutory right to transfer should a suspected scam be reported to them, according to a think tank.
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Trustees must watch out for buyout tax implications
Defined benefit trustees have been urged to be on their guard against a new interpretation of tax law that could see certain members hit by unexpected tax charges on buyout.
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McCloud remedy ‘must be implemented efficiently’
On the go: The Association of Consulting Actuaries has warned that the government’s proposed solutions to the McCloud dilemma “must be implemented efficiently” for each affected scheme.
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Govt outlines solutions for pensions net pay anomaly
The government is seeking industry views on how to end the net pay anomaly affecting low-paid earners in the pensions tax relief system.
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New GMP guidance stops short of clarifying rules around conversion
New guidance on guaranteed minimum pensions has clarified the tax implication of equalising past inequalities between men and women, but critics have said it leaves unaddressed important questions for schemes hoping to convert GMPs into regular scheme benefits.
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Chancellor spares pensions tax relief and triple lock for now
On the go: Pensions tax relief and the triple lock have once again been spared by the chancellor of the exchequer, although changes to these costly policies are expected down the line.
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Ex-chancellor calls for flat-rate pension tax relief
On the go: Former chancellor of the exchequer Sajid Javid has called for a flat-rate pension tax relief as part of a wide-ranging post-Covid recovery plan published by the Centre for Policy Studies.
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Widespread industry support for regulator’s Covid-19 response
On the go: Industry professionals are “overwhelmingly positive” about the Pensions Regulator’s response to Covid-19, though they remain pessimistic about future prospects, according to a report from the Pensions Management Institute.
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Change in direction for McClymont in surprise job move
In something of a shock move, Gregg McClymont, a former Labour shadow pensions minister, starts a new role at IFM Investors in July as its executive director of public affairs for Europe.
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United Biscuits awaits CJEU ruling in long-lasting VAT saga
On the go: The trustees of United Biscuits’ defined benefit pension scheme are waiting for a final ruling from the Court of Justice of the European Union, after the advocate general sided with HM Revenue & Customs on a long-lasting battle on value added tax.
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ABI revives call for flat rate pension tax relief
On the go: The Association of British Insurers has urged the government to simplify the pension tax relief system, arguing it worsens existing inequalities in its current form.
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Govt could scrap pensions triple lock to reduce virus debt
On the go: The pensions triple lock could be scrapped in the near future as the government looks to recoup the hundreds of billions of pounds it has spent on Covid-19 support.
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Govt extends scheme pays deadline for NHS workers
On the go: The government has extended the National Health Service scheme pays deadline by three months to stop workers being hit by unexpected tax bills as a result of the tapered annual allowance.
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Pensions for cash at age 35? Covid-19 scams lure distressed savers
On the go: Anxious savers are trying to cash in their pensions more than 20 years before they are allowed to do so, as they fall victim to online scammers exploiting financial distress amid the coronavirus pandemic.
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Govt suspends tax rule for returning NHS workers
On the go: The government has temporarily suspended tax rules that could have seen returning NHS workers hit with a significant tax charge on their pensions income.