The industry has backed the Treasury's ‘scheme pays' annual allowance option plans as "necessary" and "great news" for affected individuals but warned schemes could face significant additional administration costs and other members could end up cross-subsidising those with high pay rises as a result of the move.
Last week, the Treasury announced how tax charges for exceeding the annual allowance should be paid (PP Online, 3 March). It said people who incur annual allowance charges above £2,000 would be ...
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