UK pension cap plans could hit high-earning UK nationals

tax & jurisdiction

Professional Adviser
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High-earning non-UK nationals who pay into employers' overseas or offshore pension plans could be hi...

High-earning non-UK nationals who pay into employers' overseas or offshore pension plans could be hit hard by the UK government's £1.4m pension cap proposals, according to Mercer Human Resource Consulting. Employees who pay into overseas or offshore plans with corresponding approval from the UK Revenue could soon lose their substantial tax benefits on future pension savings. At present, these employees receive full tax relief on their savings and, in some cases, can defer generous bonus payments into the plans. Employers also benefit from paying a lower tax rate on their contributions. ...

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