Are You Affected by the Tapered Pension Tax?

For most taxpayers the annual tax-free pensions allowance is £40,000. In 2016 the tapered allowance regulation was introduced, lowering this amount for high earners.   Who does tapered annual allowance apply to? This regulation applies to individuals with a threshold income over £110,000 and adjusted income over £150,000. Threshold income is the individual’s net income for the year…

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Getting ready for master trust authorisation:  Code of Practice 15

The Code of Practice 15 (CoP 15) laid before Parliament in July 2018 makes clearer the updated requirements for master trust authorisation 1 October 2018 to 31 March 2019. These combined with the Pensions Regulator (TPR) August responses from the June Readiness Review can give the insight needed to pinpoint what may be missing from…

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Pensions SORP ED out for comment as FRS 102 deadline approaches

Issued by the Pension Research Accountants Group (PRAG), the ED of the Statement of Recommended Practice Financial Reports of Pension Schemes (SORP) has been significantly updated to reflect changes in accounting standards, regulations and the pension industry since the previous SORP on pension scheme financial reporting in 2007. The main changes proposed in the ED…

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Key Points from the UK Budget 2014

The Chancellor’s March 2014 was clearly aimed at winning the votes of savers, pensioners and those paying for expensive childcare with increases in ISA limits, a £5,000 zero rate band on savings income, more flexible pension drawdown rules and an increase in the proposed childcare tax relief to £2,000. There was also good news for…

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