Newswatch - Tax protest by pension funds
Pension fund managers will hit out at the government today over the complexity of pension tax rules as they gather in Birmingham for their annual conference.
Dr Ann Robinson, director general of the National Association of Pension Funds, is expected to highlight a campaign, which she launched earlier this month, calling for simplification of the tax regime for pensions.
Speaking at the launch, she said: ‘It is essential to get a unified campaign under way as quickly as possible, since there is no sign that the tide of regulation is turning.’
The organisation – which represents 75% of the occupational pensions market, including schemes for employees of industrial giants such as Diageo, makers of Guinness – is calling for support to its proposal for a ‘pensions charter’.
This states that pensions should only be taxed once, and calls for a single regime for all pension arrangements.
The industry has already been angered by the abolition of advance corporation tax relief for pensions, and has also been hit by Inland Revenue investigations into share buy-backs as far back as 1994. Tax inspectors have been trying to reclaim tax credits arising from the buy-backs under anti-avoidance rules.
An NAPF spokesman said: ‘The current complex regime discourages employers from offering pension schemes, and uncertainty means people can be put off from taking out a pension even when a work-based scheme is on offer.’
The conference runs for two days.
The numbers you crunch tell a story. Your expertis...
25yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article