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Barnett Waddingham comments on Annual Allowance consultation

Commenting on the announcement made in a Treasury consultation paper today that individuals who exceed the annual allowance may be allowed to meet the tax charges from their pension benefits, Steve Hitchiner, Partner at Barnett Waddingham, said:

“Industry bodies will all feel that these proposals present an unwanted administrative burden. I believe it is necessary to allow pension schemes to meet tax charges in some circumstances, otherwise there is a very real prospect of individuals not being able to meet tax charges out of their income which would not be a desirable outcome. That said, the challenge for HM Treasury is designing a system that achieves its objectives, causes the least possible administrative burden and is workable in practice.”

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