UK - The Inland Revenue's "openness" on tax simplification will boost confidence across the pensions industry, Pensions Management Institute president Roger Cobley believes.
Cobley was among 100 actuaries, consultants and pension scheme representatives who attended the penultimate leg of the Inland Revenue’s tax simplification roadshow which visited London, Bristol, Edinburgh and Manchester.
Cobley welcomed the Revenue’s willingness to “stand up, consult and take notes” on what the industry wants.
He said: “Initial proposals from the department for work and pensions for changes to the tax system were hardly radical but the Inland Revenue certainly took us by surprise. There are technicalities which need ironing out but overall the Revenue seems to have got it right.”
He added: “They were prepared to avoid the old arrangements, clear out the rubbish and start again. There were bound to be some winners and losers – the £1.4m cap is not welcomed by all – but so far the response from the industry has been positive and the latest consultation will further boost confidence.”
Inland Revenue spokesman David Prince said the roadshows had been “very well received” and welcomed the constructive feedback from those taking part.
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