CIOT offers alternative to pensions tax relief restrictions
April 1st 22:38 Cost Management
The government's planned restriction of pension tax relief is too complex and will end up having a negative effect on all concerned.
This is the view of the Chartered Institute of Taxation (CIOT), which said the move will mean an increased administrative burden for businesses and other organisations.
Colin Ben-Nathan, Chairman of the CIOT's Employment Taxes Sub-Committee, said: "The government's proposed method of restricting tax relief will cause disproportionate complexity and an increase in the costs for employers, pension schemes and the pensions industry as a whole."
"It is disappointing that, having identified the magnitude of the cost to business, the Government is nevertheless continuing with its proposals virtually unchanged."
The CIOT claimed that the government's current plans will cost around £1 billion to implement in the first year alone.
A number of businesses could now be inspired to seek the help of a facilities management provider to assist with cost management.
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