All Tax articles – Page 8
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News
Company stung by £80,000 HMRC charge for unauthorised pension loan
A light fittings company has been hit with an £80,000 scheme sanction charge by HM Revenue & Customs for making an unauthorised loan from its pension fund to an affiliated business.
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News
Govt to fund Railways scheme deficit contributions
On the go: Emergency measures introduced by the government – nationalising the railways – mean that taxpayers will be called to fund the Railways Pension Scheme deficit.
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News
Tax changes pose admin challenge for pension schemes
On the go: Pension specialists have welcomed the announced changes in pensions tax relief in this week’s Budget, but have pointed out that it brings an added administration challenge to schemes.
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News
Budget 2020: AA taper thresholds hiked by £90k
On the go: Chancellor of the exchequer Rishi Sunak has unveiled plans to raise the point at which tapering of the annual allowance kicks in by £90,000 as of next month.
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OpinionWhat HMRC’s guidance means for GMP in 2020
Buck’s Mark Williams explains why trustees, administrators and consultants are still facing challenges on guaranteed minimum pensions equalisation despite recent guidance from the taxman.
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News
Govt to tweak tapered annual allowance in Budget
On the go: Chancellor of the exchequer Rishi Sunak will use his first Budget next Wednesday to raise the tapered annual allowance threshold income to £150,000 from the current £110,000, according to reports.
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PodcastsPodcast: Webb - Budget must deliver for doctors
Podcast: Former pensions minister Steve Webb argued that “it would be astonishing” if the March 11 Budget does not bring a solution to the issues caused by the tapered annual allowance for doctors and senior clinicians. Sir Steve, now partner at Lane Clark & Peacock, and Lydia Fearn, head of defined contribution and financial well-being at Redington, discuss, among other topics, the possible changes for pensions to be introduced by the chancellor.
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News
Social care crisis: is auto-enrolment the answer?
Auto-enrolment-style contributions could hold the key to solving the UK’s growing social care crisis, according to the sponsors of a report into the funding shortfall for care in later life.
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News
IFS calls for end to ‘ludicrous’ pension taxes
On the go: The Institute for Fiscal Studies has called on the government to put a stop to the “ludicrously generous” tax treatment of inherited pensions, rather than tinkering with pensions tax relief in next month’s Budget.
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NewsIR35 could be employment minefield
Analysis: Many employers are ill-prepared for the pensions fallout of a complex new tax fairness rule that comes into force in just six weeks’ time, experts have warned.
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News
Cracknell: Industry fails to explain ‘how’ savers can make changes
Michelle Cracknell on her new role at Just Group after a five-year stint leading the Pensions Advisory Service.
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News
HMRC GMP equalisation guidance fails to address all tax issues
On the go: Long-awaited guidance on tax issues arising from the equalisation of guaranteed minimum pensions has failed to address key technical and tax issues, according to experts.
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News
Tax relief cut could lead to higher DB contributions
On the go: Employers and staff might have to increase their contributions to defined benefit schemes if a rumoured cut to the 40 per cent relief for higher-rate taxpayers goes ahead, Aegon has warned.
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OpinionBig shake-up to pensions taxation would change it for worse
Willis Towers Watson’s David Robbins explains why the current pensions tax relief system works for most people, and how making changes is easier said than done.
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News
Govt urged to replace tax relief rules with pension top-up system
On the go: The current tax relief rules should be replaced by a pension top-up system, either through the government or the employer, according to a proposal from Hargreaves Lansdown.
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News
Majority of GP scheme records are out of date
On the go: Only one quarter of doctors’ pension records are up to date for the 2017-18 tax year, data has shown, leaving GPs at the mercy of unexpected tax bills.
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News
Scottish government presses chancellor on pension tax
On the go: Scottish health secretary Jeane Freeman has called on the chancellor of the exchequer to find a permanent solution to fix the issue of the tapered allowance impacting National Health Service doctors.
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News
Welsh government left with ‘no option’ but to offer NHS tax solution
On the go: The Welsh government has been left with “no option” but to cover the pension tax bills of senior doctors, mirroring measures introduced in England. The health minister for Wales has branded the situation “totally unacceptable”.
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OpinionPensions tax relief needs reform, but it should start from the top
The debate around pensions tax relief is a polarising one. The 2006 A-day reforms were designed with the intention of simplifying the system. But they never quite achieved that goal and, in reality, never came close.
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PodcastsPodcast: Vegan case flags importance of heeding members
Podcast: Trustees and employers should consult members on their beliefs, and incorporate the investment views of the majority in their pension default fund, according to Romi Savova, chief executive at PensionBee, and David Brooks, technical director at Broadstone. The experts discuss the impacts of a landmark ruling finding that veganism is a philosophical belief, alongside other topics, in this week’s podcast.