Draft rules comes as part of ‘Legislation Day’ ahead of Finance Bill 2022/23
Government sets out plans to address low-paid anomaly in tax relief treatment
The net-pay anomaly is unfair on the lowest-paid savers who need the top-up, argues Adrian Boulding.
There has been much criticism of net pay arrangements over the past year. Malcolm Delahaye says the problem is really about poor pensions policy and the clunkiness of RAS
Bigger is not always better when it comes to pension consulting, last week's Pensions Buzz respondents said following Marsh & McLennan's $5.6bn acquisition of JLT.
Low earners in net-pay schemes will lose out on more pensions tax relief as the gap between auto-enrolment (AE) qualifying earnings and the personal tax allowance widens.
The government is set to review an anomaly which sees lower-paid workers in the majority of master trusts lose out on tax relief, it has confirmed.
Industry heavyweights have urged chancellor Philip Hammond to take action on the net pay pensions tax relief anomaly which affects lower-paid earners.
Low income earners in the majority of master trusts are missing out on tax relief on their retirement savings due to a legislative technicality, according to research.
HM Revenue and Customs (HMRC) has published a relief at source update for Scottish Income Tax following last week's Scottish Budget.