The new tax year begins on Tuesday with a bigger than usual set of changes to income taxes, personal allowances, pensions, Universal Credit and statutory sick pay. Here's what to expect
Tom Selby, senior analyst at AJ Bell, said the government needed to fix this as a matter of urgency as low earners and women were missing out.
Portugal recently changed its non-habitual resident regime to enforce a blanket ten percent tax on foreign pensions, but Sweden argues this is inadequate and not in accordance with an agreement signed with Lisbon in 2019.
According to AJ Bell, a DB scheme member earning £50,000 could be hit with a tax bill of £3,744 if pension tax relief is capped at 20 per cent.
For defined contribution schemes, it was recommended that changes should create a more “inclusive culture” for retail investors after the review registered support for more capital from the schemes being invested into high growth assets.