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FT News - Tax
Fri, 30 Jul 2010 18:45:21 +0100
Following the Budget increase in CGT, can I use my£10,100 annual exemption to reduce my higher-taxed, post-June gains?
Fri, 30 Jul 2010 17:57:33 +0100
Thousands of second homeowners will face a less generous tax regime from next April under government proposals to restrict the use of "loss relief"
Fri, 23 Jul 2010 19:34:20 +0100
The first£30,000 of my redundancy cash was tax-free but I paid 40 per cent tax on the remainder. I have now learnt that I could have put the balance into my pension to reduce any tax liability
Fri, 23 Jul 2010 19:26:23 +0100
Jackpot winners keep low profile and won't be photographed for publicity
Fri, 23 Jul 2010 17:12:53 +0100
Thousands of wealthy UK taxpayers with accounts in Liechtenstein face having their bank accounts closed
Pension changes ahead
Under provisions contained in the Pensions Act 2008 employee pension enrolment and employer contributions are to be made compulsory.
These provisions, which are due to come into force in 2012, cover the automatic enrolment of qualifying workers into a qualifying workplace pension scheme and a duty on employers to make contributions to such a scheme. To ensure that employers are able to comply with these duties a universal personal account scheme is being created.
The main details of the scheme are:
- automatic enrolment of eligible employees aged between 22 and state pension age earning over £5,035 per annum (unless employee opts out)
- employer contributions of 3% on a band earnings, initially set as £5,035 -£33,540
- employee contributions of 4%, with an additional 1% funded by the government in the form of tax relief
- both employer and employee contribution levels will be phased in over three years
- an enforcement regime led by the Pensions Regulator, with powers to penalise employers who do not comply with the regime.
Consultations and regulations will be issued in the lead up to the introduction of the legislation. These should make it clearer what is expected of employers and pension schemes in anticipation of the new regime starting in April 2012.
The Personal Accounts Delivery Authority (PADA) has recently launched a “myth busting” campaign in advance of the rules taking effect in 2012.
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