Jersey: Benefits in Kind – Employer contributions to personal pension plans

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The Income Tax Office has announced that, with effect from the year of assessment 2009, any employer contribution into an individual’s personal pension plan or retirement annuity trust is exempt from charge as a Benefit in Kind (BIK). As a result, employers are no longer required to declare such sums on their annual BIK returns.

Up to and including the year of assessment 2008, any amount paid into an employee’s private pension plan or retirement annuity trust by the employer is reportable and taxable.

Further information:
Pension Change notice to Employers – January 2009

This entry was posted on Monday, March 9th, 2009 at 04:59 and is filed under Jersey, Pensions, retirement. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.