The Office for Tax Simplification (OTS) has made interim suggestions on simplifying tax for pensioners - and IFAs have many more of their own.
In July 2011, the OTS launched a consultation with which it vowed to simplify the "spaghetti bowl" of pensioner taxation. This month the OTS delivered an interim report in which it made several initial suggestions on how to improve the complicated system, while it will report back in full with firm recommendations later in the year. Early proposals In general, the OTS highlighted several problem areas in the tax system, including age related allowances, the married couples allowance, the taxation of savings, pay as you earn (PAYE) paperwork and administrative processes pensioners mu...
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