In a new report A blueprint for a better tax treatment of pensions, the Institute for Fiscal Studies puts forward a long-term vision for pensions tax reform, ‘reducing subsidies where they are overly generous and increasing them where saving incentives are weaker’. In essence, the proposals would focus tax relief and other support on those with lower income, and also remove complexities associated with the current annual and lifetime allowances.
Key proposals include:
Isaac Delestre, a research economist at IFS and an author of the report, said: ‘Our system of pensions taxation has too many features that are arbitrary, wasteful or unfair. It’s long past time we retired them.’
In a new report A blueprint for a better tax treatment of pensions, the Institute for Fiscal Studies puts forward a long-term vision for pensions tax reform, ‘reducing subsidies where they are overly generous and increasing them where saving incentives are weaker’. In essence, the proposals would focus tax relief and other support on those with lower income, and also remove complexities associated with the current annual and lifetime allowances.
Key proposals include:
Isaac Delestre, a research economist at IFS and an author of the report, said: ‘Our system of pensions taxation has too many features that are arbitrary, wasteful or unfair. It’s long past time we retired them.’