Taxation

Taxation guidance:

Contributed by Chris Coulston and Harry Stead, Deloitte LLP The funding of defined benefit pension schemes and the volatility and risk associated with these schemes has...

Practice Note

Authorised payments v unauthorised payments A pension scheme that has registered with HM Revenue & Customs (HMRC) benefits from favourable UK tax treatment. Broadly, this...

Practice Note

THIS PRACTICE NOTE APPLIES TO UK REGISTERED PENSION SCHEMES What is a benefit crystallisation event? Under the UK’s registered pension scheme regime (for more information...

Practice Note

What is disguised remuneration? HMRC has, for many years, sought to ensure that the rewards gained from employment are properly subject to income tax and National...

Practice Note

THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMES The lifetime allowance While there is no limit on the total amount of authorised benefits a registered pension...

Practice Note

There is a common misconception that pension funds do not pay tax. In reality, for many pension funds, tax on investments can be significant, in particular withholding...

Practice Note

At a very high level, certain provisions of the US Internal Revenue Code of 1986, as amended (the Code), commonly known as FATCA, seek to encourage foreign (ie non-US)...

Practice Note

THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMES The lifetime allowance While there is no limit on the total amount of authorised benefits a registered pension...

Practice Note

THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMES The lifetime allowance While there is no limit on the total amount of authorised benefits a registered pension...

Practice Note

THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMES The lifetime allowance While there is no limit on the total amount of authorised benefits a registered pension...

Practice Note

Through the Finance Act 2014, the government introduced two lifetime allowance protection regimes to accompany the reduction in the lifetime allowance from £1.5m to...

Practice Note

THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMES The lifetime allowance While there is no limit on the total amount of authorised benefits a registered pension...

Practice Note

This Practice Note summarises the characteristics of the different forms of lifetime allowance (LTA) protections. For detailed information on each of the LTA protections...

Practice Note

This Practice Note focuses on the different forms of tax relief (whether income tax relief, national insurance contribution relief or corporate tax relief) available in...

Practice Note

This guide is primarily aimed at trainees, newly qualified lawyers and other persons who are new to or unfamiliar with pensions law. A-Day The registered pension scheme...

Practice Note

THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMES The lifetime allowance While there is no limit on the total amount of authorised benefits a registered pension...

Practice Note

Benefits of registration Registration provides advantageous tax reliefs and exemptions for a pension scheme and its members, including the following: • tax relief on...

Practice Note

The single tier State Pension (on and from 6 April 2016) The Basic State Pension was reformed, with effect from 6 April 2016, into a single-tier flat rate pension which...

Practice Note

Pension schemes sometimes make payments to members that are not in accordance with scheme rules or that may breach other tax or legal regulations. As pensions is a...

Practice Note

Broadly speaking, tax applies to UK registered pension schemes in three different areas: • tax treatment of member and employer contributions (including refunds of member...

Practice Note

THIS PRACTICE NOTE APPLIES IN RELATION TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES What is a section 75 debt? Sections 75 and 75A of the Pensions Act 1995 (PA 1995)...

Practice Note

The basic principle underpinning the pensions tax regime is that members of registered pension schemes enjoy: • various tax advantages while accruing retirement and life...

Practice Note

The pensions tax regime following A-day (6 April 2006) Registration The current tax regime came into effect on 6 April 2006. This date became known as 'A-day'. Before...

Practice Note

The Finance Act 2011 (FA 2011) received Royal Assent on 27 July 2011. FA 2011 enacted proposals (aimed at raising revenue) that were proposed by HM Treasury in July 2010...

Practice Note

The basic principle underpinning the pensions tax regime is that members of registered pension schemes enjoy: • various tax advantages while accruing retirement and life...

Practice Note

Factors which led to the creation of the Lifetime ISA Successive UK governments have long proclaimed the importance of encouraging long-term savings both within and...

Practice Note
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