TaxPersonal TaxThe Revenue spin machine

The Revenue spin machine

Unused pension relief.

Last Saturday the BBC announced in a Money Programme ‘the closing of aloophole’ with the withdrawal of relief in respect of unused pensioncontribution relief previously being able to be carried forward or back.

As I recall this accumulation of relief has been available for very many yearsallowing contributions when cash flow permits. It was never ‘a loophole’ asit was specifically incorporated into legislation. Indeed it gave valuableflexibility to private schemes that the government wishes to encourage.

My guess is that the BBC quoted from Inland Revenue publicity. The samepublicity that told us last year that married persons allowance was being’replaced’ by a new child allowance. This too was a spin, as those marriedwithout qualifying children lost the allowance- it was not ‘replaced’.

In correspondence I have had with a senior Labour finance minister, she usesidentical wording to that recited by The Revenue. It is not up to the InlandRevenue to spin political decisions and try to hide tax increases in this way.

Warren Levy FCA FCMC

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

3w Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

5m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

5m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

5m Alia Shoaib, Reporter