Tax: what a carry on

Article Abstract:

There may be changes to the tax treatment of pensions in Britain with the introduction of stakeholder pensions, when tax relief on contributions above annual limits may be abolished. The carry forward rule permits unused allowances to be used for up to six years, while the carry back rule allows contributions to be classified as if they were paid in the previous year. This rule may be useful for taxpayers with higher tax relief in previous years, or seeking to contribute above 100% of a year's earnings.

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Getting ready for self-assessment

Article Abstract:

Self-assessment is being introduced by the UK tax authorities from April 1996. taxpayers will have to ensure that all records are retained to produce on demand for the tax authorities. Taxpayers are also expected to assess the amount of tax they owe and pay this sum. The authorities are seeking to make tax forms easier to use. Meanwhile, accounting firms should see an increase in business and may offer high street retail outlets offering advice on tax.

Tax administration and procedure

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Pruning reliefs

Article Abstract:

Changes in the Jul 1997 Budget could reduce tax relief for pension contributions. These amounted to around 9 billion pounds sterling for 1996 to 1997. Relief at the higher tax rate could be abolished in Jul 1997 which would bring in some 2 billion pounds sterling for the government. The government is not likely to abolish all tax relief for contributions since it aims to encourage people to save for their retirement. Changes could affect contributions made by tax payers liable for the higher rate.

Economic policy, Budget, Budgeting, Budgets

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