UK tax rates, allowances and reliefs
ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
Pensions
Expert commentary and practical guidance from ICAEW related to pensions in the UK personal tax regime.
Need to know
In this section
Practical guidance
TAXguide 05/23: Tax relief for pension contributions – recent changes
Explaining top ups for low earners in net pay arrangement schemes and the digitalisation of top up claims by pension scheme administrators for relief at source pension schemes.
TAXguide 04/23: Payroll and rewards update 2023 – Q&A
ICAEW's Tax Faculty hosted a payroll and rewards webinar on 16 April 2023. This TAXguide shares to the answers raised at that webinar covering topics such as rates, thresholds, payroll, P11Ds, pension contributions and residence.
TAXguide: 06/20 Spring Budget 2020
Rishi Sunak delivered his first Budget of 2020 on 11 March. The Tax Faculty provides its summary of all the key tax announcements in this TAXguide.
TAXguide 17/19 - Pensions - saving and drawing - a roundup of recent changes
This guide is intended as a roundup of some of the changes to registered pension schemes since 2006. It is not intended to be a definitive guide to pensions, more an index alerting the reader to changes that perhaps require further research.
Features and articles
Public service pensions remedy guidance published
HMRC has released a suite of guidance for dealing with public service pensions that are affected by the McCloud remedy, including a tool for calculating the adjustment and making a claim.
ICAEW responds to draft Finance Bill 2023-24 provisions
The Tax Faculty provided input on measures relating to the proposed merged R&D tax credit scheme, tougher measures for promoters of tax avoidance, changes to data HMRC collects from customers and abolishing the pensions lifetime allowance.
HMRC’s appetite for clearance
In the second part of our series, Nick Wright explains HMRC’s current attitude to providing statutory clearance for transactions.
Will income tax be extended to beneficiaries of all pensions?
Policy documents regarding changes to the taxation of pensions were published as part of Legislation Day 2023. This included a suggestion that certain beneficiaries of pensions of members who died under age 75 may become subject to income tax as part of future tax changes.
Trust and the future of pensions
Fraud concerns, constant government policy changes and a lack of sectoral transparency are undermining trust in pensions. What needs to happen to restore public confidence?
Navigating pension options for gig economy workers
Industry experts unravel the common challenges and potential for gig workers in pension planning. The first question is, how much should you save?
Finance (No.2) Act 2023 receives Royal Assent
Finance (No. 2) Act 2023 received Royal Assent on 11 July, bringing into law various tax measures with effect from that date. Full expensing, the abolition of the pension lifetime allowance charge, and many other measures come into force.
Home responsibilities protection may not be reflected in national insurance records
Some individuals may be missing home responsibilities protection (HRP) from their national insurance record, which could impact the amount of state pension that they are entitled to. The government is identifying affected individuals and will be writing to them with their recalculated state pension entitlement.
Bloomsbury Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Accounting and Tax Service.
Providing for pensions and life assurance
Expert guidance on pensions and life assurance taxation in relation to business partnerships.
Pension scheme strategies
Advice on tax planning for pension schemes, written for anyone who advises or runs a family or owner-managed company.
Bloomsbury's tax rates and tables 2023/24: Finance Act edition
Tax rates and tables updated to reflect measures passed in the Finance (No. 2) Act 2023. Finance (No. 2) Act 2023 legislates for various changes to pension taxation, including the abolition of the lifetime allowance charge from 2023/24. It also introduces a new multinational top-up tax and a domestic top-up tax, and the temporary increased rates for theatre tax relief, orchestra tax relief, and museums and galleries exhibition tax relief have been extended until 31 March 2025.
Pensions and benefits
A full chapter on the taxation of pensions and benefits in the UK, written for tax practitioners.
Pensions, state benefits and tax credits
A chapter on pensions taxation, containing worked examples.
Pensions and life assurance
Chapter providing practical advice on pensions and life assurance in relation to inheritance tax planning.
Pension funds
Chapter providing information for tax advisers on UK tax rules relevant to pension schemes.
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