MAXIMUM TAX-FREE PENSION CONTRIBUTIONS should not be lowered by the chancellor in this week’s Autumn Statement, according to Accountancy Age readers.
Of the 70 polled, 69% said contributing to pensions should be encouraged and that taxing them would be counter-productive. Almost a quarter, though, said George Osborne should drop the tax-free threshold to £30,000 in order to bring in an additional £1.8bn. The remaining 8% said the threshold should be lowered to £40,000.
Osborne is expected to move the threshold from £50,000 to £40,000 in Wednesday’s Autumn Statement, a measure expected to bring in about £600m for the public purse.
There has already been considerable opposition to the proposal, with the National Association of Pension Funds suggesting changes to the pensions tax system would undermine public confidence in saving for retirement and could deter people from being auto-enrolled into a pension.
HMRC has outlined a change in VAT policy to the treatment of dwellings that have been formed from either the construction of new buildings, or from the conversion of non-residential buildings
Let us hope that valuable asset protection vehicles are not made prohibitively burdensome or abolished in the desire to “simplify” IHT
The government is pressing ahead with changes to the way it taxes individuals with a foreign domicile
I will feel slightly awkward when I write to the client who is about to receive a large invoice from the PAYE expert, offering him the fee protection going forward