Warning sounded on tax taper shock for high earners
Restrictions on ‘scheme pays’
High earners may need to pay for any breaches of their tapered annual allowance out of their own pocket due to restrictions on providers' 'scheme pays' facilities, experts have warned.
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...
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