The Revenue has suspended its notification list of qualifying recognised overseas pension schemes (QROPS), after discovering the inclusion of schemes that do not meet the pension age test.
Government plans to reduce administrative costs to business by £10bn will fail unless the complexity of the tax code is tackled, the Institute of Chartered Accountants in England and Wales (ICAEW) has warned.
Two of the UK’s three longest Finance Acts were enacted in the previous parliament, the ICAEW notes in a letter to the chancellor of the exchequer, George Osborne, while calling for a “one in, two out” principle to apply to tax laws.
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Calculating the tax-free payment from a SIPP that holds commercial property
The Pensions Regulator has announced plans for a new auto-enrolment solution to help employers that currently use HMRC’s basic PAYE tools.
The proposals, set out in a consultation document, explain how pensions officials would prefer for employers to buy appropriate payroll software, rather than rely on the Revenue’s free offering, which will not be updated to provide automatic enrolment functionality.
Pension contributions can benefit low-earning taxpayers
American tax implications of the 25% tax-free lump sum element of a UK pension
The Pensions Regulator has launched step-by-step guide to help small firms prepare for automatic enrolment.
The online service, which has been created for employers with up to 50 employees, explains how to complete key tasks including providing a point of contact for the regulator, checking who needs to be enrolled, and creating a plan of action.
The revised treatment of pension death benefits
People who decide to take advantage of the new pensions flexibility should considering the tax credit consequences, the Low Incomes Tax Reform Group has advised.
Those who withdraw money from their retirement pot from the age of 55 should consider more than just the effect on their income tax liability, according to the charity’s technical director, Robin Williamson
HMRC have issued Revenue and Customs Brief (RCB) 8 (2015) to expand on their stance on the deduction of VAT on pension fund management costs.
Unqualified spouse as director of a professional company