Treasury publishes call for evidence on administration of pensions tax relief

31 Jul 2020

The Treasury has published a call for evidence on the administration of pensions tax relief.

The call for evidence seeks to gather evidence on the operation of both of the main methods of administering pensions tax relief. According to the Treasury, the government recognises that the two systems produce different outcomes in certain circumstances for different groups of taxpayers, as some may receive tax relief at a different rate to their highest marginal rate.

The Treasury stated that it is important to note that many of these taxpayers will be lower earners who may not otherwise regularly have to engage with the tax system. The government is seeking to gather views on the appropriate balance between consistency of outcomes for individuals with similar circumstances and simplicity for individuals, employers and pension schemes.

Commenting on the call for evidence, John Glen, Economic Secretary to the Treasury, said: 'I am mindful that pensions administration can only be effectively delivered through successful partnership between government, the pensions industry, employers and professional administrators of payroll and other systems.

'The government therefore wants to listen to all those who work with these systems on a regular basis to understand the options available to improve the administration of pensions tax relief.'

Details on the call for evidence can be found here.

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Higgisons was formed by John Higgison in Oxford Street in 1965 and was originally part of the Accountancy Tuition Centre until James McHale became managing partner and the firm moved to its City Road premises in 1982.

We like to become involved at the planning stage of the formation of a business venture to ensure that it is structured as flexibly and efficiently as possible so that it can cope with changes in legislation or personal circumstances.

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