Pensions tax relief administration, ICAEW REP 90/20, 9th October 2020

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In Folder: ICAEW Representations, 2020

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Pensions tax relief administration, ICAEW REP 90/20, 9th October 2020

ICAEW Tax Faculty response to HM Treasury's call for evidence on pensions tax relief administration issued on 9 October 2020; questions the timing of reform; supports, in principle, Approach 1 (paying a bonus using RTI data) as most worthy of further consideration; sets out concerns with alternative approaches including standalone charges, employers operating multiple schemes, and mandating RAS for DC schemes; discusses operational options such as paying bonuses into pension schemes and reprogramming payroll to deliver higher-rate relief in real time; includes the Tax Faculty's Ten Tenets for a Better Tax System. (AI generated description)

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description: ICAEW Tax Faculty response to HM Treasury's call for evidence on pensions tax relief administration issued on 9 October 2020; questions the timing of reform; supports, in principle, Approach 1 (paying a bonus using RTI data) as most worthy of further consideration; sets out concerns with alternative approaches including standalone charges, employers operating multiple schemes, and mandating RAS for DC schemes; discusses operational options such as paying bonuses into pension schemes and reprogramming payroll to deliver higher-rate relief in real time; includes the Tax Faculty's Ten Tenets for a Better Tax System. (AI generated description)

title: Pensions tax relief administration, ICAEW REP 90/20, 9th October 2020

creator: Tax Faculty

creator: ICAEW

subject: Taxation

subject: Pensions

subject: Occupational pensions

subject: Pensions taxation

subject: Early pension release

subject: Payroll

subject: Employment and human resources

subject: PAYE and RTI

subject: Employment taxation