UK Gov't Seeks Way Out Of Pensions Tax Relief Anomaly
Law360, London (July 21, 2020, 4:30 PM BST) -- The government is looking for a solution to a "fiendishly complex" accounting anomaly that industry groups say deprives the country's lowest earners of £150 million in pensions tax relief every year.
HM Treasury launched a consultation on Tuesday on proposals to change the so-called net pay anomaly, something the government had promised to tackle in its election manifesto last year.
Pension schemes use a range of accounting systems, which means some low-income workers miss out on 20% income tax relief on their contributions. Pensions consultant Hymans Robertson said the different approaches mean that 1.5 million employees are effectively losing £150 million a...
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