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Taxation, work and welfare
Taxation of pensioners review
On March 20 David Gauke, the Exchequer Secretary to the Treasury, wrote to the OTS in response to our review of pensioner taxation. The full response can be found below:
In his 2013 Budget the Chancellor announced that the Government will consult on the impact of the future withdrawal of relief for interest on loans to purchase life annuities taken out by pensioners before 1999 as recommended by the OTS’s final report into pensioner taxation.
The Office of Tax Simplification has now completed its review of pensioners’ taxation. The final report was published on 23 January 2013. The report sets out a package of recommendations for simplifying this area of the tax system, including administrative recommendations on the introduction of a State Pension/benefits P60 for pensioners, single composite P2 coding notices and policy recommendations on the 10 per cent savings rate, married couple’s and blind person’s allowances and other changes.
The Office of Tax Simplification published its final report on pensioner taxation on 23 January 2013.
- Review of pensioner taxation final report (PDF 726KB)
- Press release: Pensioner tax simplification proposals put forward
On 23 November 2012 the OTS published HMRC’s response to the OTS’s interim report on pensioner taxation. The response outlines where HMRC have made progress against the areas of improvement highlighted in the first stage of the review. The OTS will respond to this in detail as part of the final report which will be published in time for Budget 2013.
- HMRC response to OTS Pensioner Review interim report (PDF 100KB)
- Press release: Pensioner tax review leads to HMRC changes for the better
On 11 April 2012, the OTS Tax Director John Whiting published a letter in response to inaccurate press coverage of the report.
On Tuesday 6th March 2012, the OTS published the interim report of the review of pensioners’ taxation.
- Review of pensioners’ taxation interim report (PDF 782KB)
- Press release: Review of pensioners taxation – Interim report
The agreed terms of reference for OTS’ reviews are included in a letter dated 5 July 2011 from the Exchequer Secretary, David Gauke MP, to the OTS.
- Letter from David Gauke MP, to the OTS (PDF 508KB)
- Press release: Tax simplification team to review pensioner taxation and share schemes
Letter from the OTS to the Exchequer Secretary
On 14 June 2011 the OTS wrote to David Gauke, the Exchequer Secretary to the Treasury, proposing three further simplification reviews for this year - pensioner taxation, share schemes, and a project identifying complexity across the tax system.
- Letter from OTS to David Gauke MP (PDF 97KB)
- Press release: Pensioner tax and Share Schemes next areas for simplification
Taxation of pensioners
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