Warning sounded on tax taper shock for high earners

According to a report in the FT, HM Revenue & Customs has not made it mandatory for schemes to offer 'scheme pays', leaving savers potentially stranded when it comes to settling their new tax bills.  Top-rate earners who breached their tapered annual allowance could face a maximum bill of £13,500, the report said. From April 2016, earners with incomes above £150,000 started to be subject to a reduced "tapered" annual allowance, which restricted their entitlement to tax relief gradually from the standard £40,000 to £10,000 for those with incomes of £210,000 or more. Currently savers...