Andrew Penman explains the new rules limiting tax relief available on pension contributions and why they affect some individuals immediately
David Brookes examines the practical effects of the forthcoming changes to VCT legislation
The UK and Swiss Governments have signed a declaration on the ‘initiation’ of negotiations, expected to begin next year, on the introduction of a flat rate withholding tax on savings income. Critics warned that the deal would protect the identity of tax evaders.
Andrew Hubbard comments on the pensions tax relief changes
The ICAEW Tax Faculty has warned that compliance and information obligations arising under revised proposals for the restriction of pensions tax relief are ‘likely to make many more employers, at least in the private sector, consider closing their defined benefit schemes to future contributions,
New bonus rates apply to SAYE share option schemes from 12 September. No bonus is earned on three year contracts.
The Government’s alternative proposals to restrict pensions tax relief are an improvement on the previous administration’s rules but there are still issues to be resolved to make them workable, said the CIOT.
The National Association of Pension Funds (NAPF) has welcomed the Government’s alternative proposals to restrict pensions tax relief for those on higher incomes, but warned that ‘unintended consequences will punish savers who are not high earners’.
Neville Bramwell and Olivia Biggs provide analysis on pension schemes and the ‘alternative approach’