Master Trust Urges UK Gov't To Conclude Net Pay Review
Law360, London (February 15, 2021, 12:59 PM GMT) -- A pensions company said Monday that the government should overhaul an accounting anomaly that it says deprives the country's lowest earners of £111 million ($154 million) in tax relief every year.
Now Pensions, a workplace savings provider, said HM Treasury should use the Spring budget next month to conclude a review begun in 2020 into the "net pay anomaly."
The government held a consultation in July into the inconsistency. It affects those who are automatically enrolled in a workplace pension scheme because they earn more than £10,000 a year but less than the annual income tax threshold of £12,500.
Adrian Boulding, director...
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