The government has published a summary of responses to its consultation on possible reforms to pensions tax relief. The responses contained ‘considerable variation’ on the detail of how the government should apply relief through a number of suggested models.
The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order, SI 2016/435, maintains the automatic enrolment earnings trigger at £10,000 for 2016/17 and increases the upper limit of the qualifying earnings band for contributions to maintain alignment with the NICs lower and upper
Tim Smith and David Smith (Eversheds) report on the changes already due to take effect from April and look ahead to the likely changes in next month’s Budget.
Was a claim made in a return?
Following consultation, the government announced at the Autumn Statement that it will publish draft legislation in autumn 2016 allowing debt securities issued by companies and offered via crowdfunding platforms to be held in the new Innovative Finance ISAs becoming available from 6 April 2016.
Jeremy Goodwin (Eversheds) answers questions on recent developments in pensions taxation following the Budget and considers the current HM Treasury consultation.
ATT has expressed serious concern that the £5,000 tax free dividend allowance is in fact not a complete exemption to tax but will instead sit within the normal basic and any higher rate tax bands of the taxpayer.
An updated list of ROPS has been published by HMRC. The purpose of the list is to help UK registered pension schemes carry out their due diligence when transferring pension savings to another pension scheme that is not a registered pension scheme.
The changes to the taxation of dividends proposed in the Budget seem to be worthy of rather more attention than they have received, writes Peter Vaines.
The Registered Pension Schemes (Transfer of Sums and Assets) (Amendment No. 2) Regulations, SI 2015/1454, come into force on 1 September 2015.