Plans to provide local tax inspectors with the ability to review whether qualifying pension contributions paid are tax deductible will only serve to throw ‘pensions simplification' into further quandary, an accountancy firm believes.
Accountancy firm, Wilkins Kennedy says new rules, following A-Day on 6 April 2006, will see local tax inspectors controlling the amount an individual can contribute to their pension taxs-free. The current system places a limit on the amount of salary an individual can place tax-free into pensions, within a clear set of rules. Head of tax at Wilkins Kennedy, Peter Goodman is concerned at local tax office being given this power, due to a lack of previous experience among tax inspectors, adding a considerable extension to their responsibilities. He says: “They will be expected to decide wh...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
