'Messy' net-pay remedy to miss 85% of affected savers

As announced in Wednesday's Autumn Budget, those impacted by the long-running net-pay issue will be offered a 20% "top-up" to their contributions from the 2024/25 tax year, to be paid the following tax year. The measure is designed to address a discrepancy whereby those earning below the personal tax allowance receive a basic rate of tax relief only if they are in a relief-at-source scheme, while those in net-pay schemes receive nothing. In Treasury documents published yesterday (27 October), it was estimated around 1.2 million savers - 75% of whom are women - could receive an average...