The true cost of MP’s pensions is double the estimate used in Commons’
accounts, which could hit their effort for a big pay rise.
A footnote in the accounts gives a figure for its MPs’ pensions costs based
on accounting standard FRS 17, which creates a value double that used in the
main body of the accounts due to taking a less optimistic approach to the
performance of the stock markets.
Under FRS 17 the Treasury would have to contribute £16.5m a year to meet its
liabilities, compared to the £7.8m figure in the main body.
Pensions consultant John Ralfe argued that the figure used in the main body
of the accounts was out of date and would massively understate the true value of
the pension scheme,
The cost of an MP’s salary is 38% its value under FRS 17, compared to 18.1%
used in the main body of the accounts.
‘This means the Treasury are not putting enough cash each year to pay for new
pension promises, let alone pay down the deficit,’ said Ralfe.
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy
A senior MP has questioned the impact of HMRC’s decision to undertake yet another radical overhaul of its internal structure
The Apple Tax situation; Accountants replaced by robots; and The Accountancy Age Top 50+50; all discussed by head of editorial Kevin Reed