The Treasury is facing a £4bn cut in its tax takings if workers are compelled to put money away for their retirement.
According to Aon Consulting, which revealed the tax cost in a study, this would raise questions around the concept of compulsory pension schemes, which have been hailed as the solution to the UK’s pensions crisis.
‘Proponents of compulsion need to outline how they’ll fill the hole in government finances,’ Donald Duval, the consultancy’s chief actuary, told The Times.
Aon reached its conclusions using figures released by the Pensions Commission and calculating the cost of tax relief on compulsory contributions of 9%.
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
Since the release of HMRC’s plans for digital tax reforms, many have agreed with the call for a delay