UK Treasury opens pensions tax relief admin consultation and admits past failings

clock • 4 min read

The UK government has admitted it has never provided a "straightforward and proportionate" solution to the challenges in the current pensions tax relief system in a call for evidence. The expected consultation announced in this year's UK Budget comes after a report published by the Public Accounts Committee (PAC) called on the UK government to conclude whether the £38bn estimated cost of pensions tax relief in 2018/19 was effective. The PAC said the government had failed to estimate whether the cost is an encouragement for retirement savings and said HM Revenue and Customs (HMRC) ne...

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Hope William-Smith
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Hope William-Smith

Editor at Professional Adviser