How to tax interest paid by public service pensions schemes
[ad_1] HMRC has provided guidance on the tax treatment of interest paid under the public service pensions remedy. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this article as an activity to […]
HMRC publishes more guidance on pensions lifetime allowance
[ad_1] HMRC’s latest lifetime allowance guidance newsletter includes FAQs and more information on transitional tax-free amount certificates. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this article as an activity to your […]
Pensions lifetime allowance guidance newsletter
[ad_1] HMRC has released its December 2023 newsletter, which addresses several aspects connected to the abolition of the pensions lifetime allowance. While the lifetime allowance (LTA) charge has not been in effect since 6 April 2023, legislation in Sch 9, Finance Bill 2023-24 will formally abolish the charge. HMRC’s newsletter summarises some of the changes […]
Public service pensions remedy guidance published
[ad_1] HMRC has released a suite of guidance for dealing with public service pensions that are affected by the McCloud remedy, including a tool for calculating the adjustment and making a claim. Changes were made to public service pensions in 2015 by the government. Most public sector workers were moved into reformed career average pension […]
Will income tax be extended to beneficiaries of all pensions?
[ad_1] Policy documents regarding changes to the taxation of pensions were published as part of Legislation Day 2023. This included a suggestion that certain beneficiaries of pensions of members who died under age 75 may become subject to income tax as part of future tax changes. Currently where an individual pension holder dies before age […]
Legislation Day 2023: R&D and pensions
[ad_1] While a lot of the material published on 18 July was expected, there were some surprise announcements including planned administrative changes to the high income child benefit charge. Legislation day is designed to provide a longer period for consultation on draft legislation for potential inclusion in the next Finance Bill. Most measures have been […]
Pensions dashboard: five things you need to know
[ad_1] When you change employers, it’s not just a new job you’ll be getting – you may also be enrolled into a new workplace pension. It’s estimated that the average worker will build up 11 different pension pots over the course of their career, and keeping track of them all can be difficult. As a result, […]