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1724657

registered interest
date	30/07/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if she will make an estimate of the revenue to the public purse from reducing the top rate of tax relief on pension contributions to 30%.
tabling member constituency	Mid Leicestershire
tabling member printed	Mr Peter Bedford
uin	2684
answer	answer is ministerial correction date of answer 02/09/2024 answer text <p>The Government does not publish such estimates.</p> answering member constituency Hampstead and Highgate answering member printed Tulip Siddiq question first answered 02/09/2024 10:33:08 answering member 4518 label Biography information for Tulip Siddiq
tabling member	5330

1605952

registered interest
date	21/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of how many people in (a) Newport East constituency and (b) Wales will benefit from the end of the lifetime limit on tax-free pensions.
tabling member constituency	Newport East
tabling member printed	Jessica Morden
uin	170567
answer	answer is ministerial correction date of answer 27/03/2023 answer text <p>Information on the abolition of the lifetime allowance can be found in the Pension Tax Limits Policy paper <a href="https://www.gov.uk/government/publications/abolition-of-lifetime-allowance-and-increases-to-pension-tax-limits/pension-tax-limits" target="_blank">Pension Tax Limits - GOV.UK (www.gov.uk)</a></p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 27/03/2023 14:19:34 answering member 4874 label Biography information for Andrew Griffith
tabling member	1548 label Biography information for Jessica Morden

1605110

registered interest
date	17/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department's process in estimating the costs of the policies announced in the Spring Budget 2023, HC 1183, published on 15 March 2023 to increase the Pension Annual Allowance from £40,000 to £60,000 and the charge removal and abolishing of the Pension Lifetime Allowance, included consideration of the potential behavioural impact on (a) inheritance tax planning and (b) inheritance tax receipts.
tabling member constituency	Ealing North
tabling member printed	James Murray
uin	168101
answer	answer is ministerial correction date of answer 22/03/2023 answer text <p>Information on the costings of the abolition of the lifetime allowance and increase to the annual allowance can be found in the Policy Costings publication <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1142824/Costing_Document_-_Spring_Budget_2023.pdf" target="_blank">Costing_Document_-_Spring_Budget_2023.pdf (publishing.service.gov.uk)</a></p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 22/03/2023 17:50:57 answering member 4399 label Biography information for Victoria Atkins
tabling member	4797 label Biography information for James Murray

1584842

registered interest
date	07/02/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of equalising taxation rules on inherited pension pots when a pension holder dies (a) before and (b) after the age of 75.
tabling member constituency	Darlington
tabling member printed	Peter Gibson
uin	141593
answer	answer is ministerial correction date of answer 13/02/2023 answer text <p>The primary purpose of a pension is to provide income, or funds on which individuals can draw, in retirement. If an individual dies before they get to use it for that purpose, the Government believes their beneficiaries should be able to have the funds. However, the Government does not want pensions to become a vehicle for inheritance tax planning. Therefore, once an individual is 75, they will be able to pass these funds on to others in a flexi-access drawdown account or as a lump sum, but the recipient will need to pay their marginal rate of tax on them.</p><p> </p><p>The age of 75 is a feature of the existing pensions tax system. It is the age at which individuals stop receiving tax relief on pension contributions and at which most people will bring or will have brought their pension into payment.</p><p> </p><p>As ever, the Government keeps all aspects of the tax system under review, as part of the annual Budget process, and in the context of the wider public finances.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 141594 question first answered 13/02/2023 14:25:19 answering member 4874 label Biography information for Andrew Griffith
tabling member	4754 label Biography information for Peter Gibson

1584844

registered interest
date	07/02/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an estimate of the potential impact on tax revenues of (a) taxing pension inheritance at the same rate for people who die before and after the age of 75 and (b) no longer taxing pension inheritance for people who die after the age of 75.
tabling member constituency	Darlington
tabling member printed	Peter Gibson
uin	141594
answer	answer is ministerial correction date of answer 13/02/2023 answer text <p>The primary purpose of a pension is to provide income, or funds on which individuals can draw, in retirement. If an individual dies before they get to use it for that purpose, the Government believes their beneficiaries should be able to have the funds. However, the Government does not want pensions to become a vehicle for inheritance tax planning. Therefore, once an individual is 75, they will be able to pass these funds on to others in a flexi-access drawdown account or as a lump sum, but the recipient will need to pay their marginal rate of tax on them.</p><p> </p><p>The age of 75 is a feature of the existing pensions tax system. It is the age at which individuals stop receiving tax relief on pension contributions and at which most people will bring or will have brought their pension into payment.</p><p> </p><p>As ever, the Government keeps all aspects of the tax system under review, as part of the annual Budget process, and in the context of the wider public finances.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 141593 question first answered 13/02/2023 14:25:19 answering member 4874 label Biography information for Andrew Griffith
tabling member	4754 label Biography information for Peter Gibson

1360638

registered interest
date	18/10/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of amending legislation on pension commencement lump sums in order to allow for the option of a minimum regular monetary sum as tax free, as an alternative to the 25 per cent tax free portion of the total pension pot.
tabling member constituency	Kirkcaldy and Cowdenbeath
tabling member printed	Neale Hanvey
uin	58531
answer	answer is ministerial correction date of answer 25/10/2021 answer text <p>The Government keeps all aspects of the tax system under review, as part of the annual Budget process, and in the context of the wider public finances. In 2015, pension freedoms were introduced to give individuals the choice as to how to access their own pension savings including full pot withdrawal, purchasing an annuity, flexi-access drawdown or taking an uncrystallised funds pension lump sum. In the five years since pension freedoms were introduced, over £45bn has been accessed by over 1.8 million individuals. The Government believes it is right that individuals are trusted to choose how to access their pension income and provides a range of options for them to do so.</p> answering member constituency Salisbury answering member printed John Glen question first answered 25/10/2021 13:49:50 answering member 4051 label Biography information for John Glen
tabling member	4782 label Biography information for Neale Hanvey

1204763

registered interest
date	17/06/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to paragraph 2.182 of Budget 2020, what the timeframe is for the publication of the call for evidence on pension administration.
tabling member constituency	Blaenau Gwent
tabling member printed	Nick Smith
uin	60728
answer	answer is ministerial correction date of answer 26/06/2020 answer text <p>The Government recognises the different impacts of the two systems of paying pension tax relief on pension contributions for workers earning below the personal allowance. At Budget 2020, the Government announced a call for evidence will be published on pensions tax relief administration, in line with our manifesto commitment to comprehensively review this issue. In the light of COVID-19, the Government is considering the publication of this and other Government documents on a case by case basis, taking into account the impact of COVID-19 on stakeholders, and will provide more information on the timeframe for publication of this call for evidence in due course.</p><p> </p><p>The Government has sought to support low earners through a range of measures, including increasing the personal allowance to £12,500 and committing to a new ambitious target for the National Living Wage.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/06/2020 08:11:25 answering member 4051 label Biography information for John Glen
tabling member	3928 label Biography information for Nick Smith

1178742

registered interest
date	12/02/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what progress he has made on tackling the effect of pension taxation on NHS leaders.
tabling member constituency	Gower
tabling member printed	Tonia Antoniazzi
uin	15091
answer	answer is ministerial correction date of answer 24/02/2020 answer text <p>The Government recognises that urgent action is needed to resolve the pensions tax issue which has caused some doctors to turn down extra shifts for fear of high tax bills.</p><p> </p><p>We are committed to ensuring that hard-working NHS staff do not find themselves reducing their work commitments due to the interaction between their pay, their pension and the relevant tax regime.</p><p> </p><p>That is why the Government is taking forward its manifesto commitment to carry out an urgent review of the pensions tapered annual allowance, to make sure that doctors spend as much time as possible treating patients. The Government has announced that the review will report at Budget.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 24/02/2020 13:28:04 answering member 4051 label Biography information for John Glen
tabling member	4623 label Biography information for Tonia Antoniazzi

1130526

registered interest
date	06/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has made an assessment of how often the annual tapered allowance results in a person being taxed more than 100 per cent of the pensions relief they would have received if they had not reached the allowance limit.
tabling member constituency	Central Ayrshire
tabling member printed	Dr Philippa Whitford
uin	261239
answer	answer is ministerial correction date of answer 11/06/2019 answer text <p>Pensions tax relief is one of the most expensive reliefs in the personal tax system. In 2016/17 income tax and employer National Insurance Contributions relief cost over £50 billion, with around two-thirds going to higher and additional rate taxpayers.</p><p>The tapered annual allowance is therefore focussed on the highest-earning savers, to ensure that the benefit they receive is not disproportionate to that of other pension savers. Less than one per cent of pension savers will have to reduce their saving or face an annual allowance charge as a result of the tapered annual allowance.</p><p> </p><p>For those who incur annual allowance tax charges, the charge recoups the excess tax relief on the benefits that they have accrued in that year above their annual allowance. The charge is levied at an individual’s marginal rate. For example, an individual with a salary above £150,000 would be taxed at 45% on pension accrual above their annual allowance.</p><p> </p><p>It is not possible to estimate the precise effects of the tapered annual allowance on an individual’s total remuneration without knowing their specific circumstances.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 261240 question first answered 11/06/2019 13:41:45 answering member 4051 label Biography information for John Glen
tabling member	4385 label Biography information for Dr Philippa Whitford

1130527

registered interest
date	06/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has made an assessment of how often the annual tapered allowance results in a person being taxed more than 100 per cent of the earnings gained from additional sessions or responsibilities.
tabling member constituency	Central Ayrshire
tabling member printed	Dr Philippa Whitford
uin	261240
answer	answer is ministerial correction date of answer 11/06/2019 answer text <p>Pensions tax relief is one of the most expensive reliefs in the personal tax system. In 2016/17 income tax and employer National Insurance Contributions relief cost over £50 billion, with around two-thirds going to higher and additional rate taxpayers.</p><p>The tapered annual allowance is therefore focussed on the highest-earning savers, to ensure that the benefit they receive is not disproportionate to that of other pension savers. Less than one per cent of pension savers will have to reduce their saving or face an annual allowance charge as a result of the tapered annual allowance.</p><p> </p><p>For those who incur annual allowance tax charges, the charge recoups the excess tax relief on the benefits that they have accrued in that year above their annual allowance. The charge is levied at an individual’s marginal rate. For example, an individual with a salary above £150,000 would be taxed at 45% on pension accrual above their annual allowance.</p><p> </p><p>It is not possible to estimate the precise effects of the tapered annual allowance on an individual’s total remuneration without knowing their specific circumstances.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 261239 question first answered 11/06/2019 13:41:45 answering member 4051 label Biography information for John Glen
tabling member	4385 label Biography information for Dr Philippa Whitford