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ARTICLE · 10 SEPTEMBER 2015

Tax-Tampering

Wedlake Bell LLP
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The Finance Act 1921 introduced the concept of tax relief for pension schemes that satisfy certain criteria.

United KingdomTax
Alison Hills
Alison Hills

The Finance Act 1921 introduced the concept of tax relief for pension schemes that satisfy certain criteria. Almost 100 years later this tried-and-tested system may well be turned on its head...

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The level of tax relief available has been fiddled with countless times over the decades, but the approach to the actual application of tax relief under pension schemes has always been the same – tax relief is given on the contributions being paid into the scheme; investments grow in a (largely) tax-free environment; and income tax is due on the benefits when they come into payment (the "exempt, exempt, taxed" approach).  That has been a constant.  However, the Government is considering yet another major shake-up to the world of pensions and HM Treasury issued a consultation paper in July suggesting a major change to this simple system.

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