Plans for the future

Article Abstract:

Tax relief is available for pension plans in the United Kingdom and this applies to contributions to a scheme, and the fund is also tax free. Some 25% of the fund can be withdrawn tax-free on retirement. Benefits cannot be used from personal plans until the contributor has reached 50-years-old. There is an earnings cap of 84,000 pounds sterling which is used for assessing how much can be paid into pension schemes. The proportion of relevant income that can be paid into pension schemes depends on age, with older people being able to pay more.

Pension, health, and welfare funds, Pension Funds & Benefit Plans, Pension Funds, Taxation, Pensions

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Penalty time at the Revenue

Article Abstract:

The United Kingdom has introduced a new system of self-assessment for completing tax returns, and opinion is divided as to how successful it has been. Critics argue that more time was needed to prepare computer systems and make tax law simpler. The Inland Revenue has sometimes entered details incorrectly and sent penalty notices for not returning tax returns that have been sent in. The new system affects nine million taxpayers, while 17 million are not affected.

Public Finance Activities, Tax Administration

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Tax returns made easy

Article Abstract:

Software can be used for British tax returns, and the Consumers' Association offers TaxCalc free. Other systems are also examined.

Usage, Computer software industry, Software industry

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