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finance act 2011
Tax Exemption – Employer Supported Childcare
The provision of childcare facilities for children of employees, generally, gives rise to a taxable benefit. However, Section 318A of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA) allowed a tax exemption on employer-supported childcare provision. This affected employers who directly-contract to provide childcare or, more commonly, operate a childcare voucher scheme. The tax [...]
Finance Act 2011 and the taxation of benefits from pension schemes
Changes are made to registered pension scheme legislation to remove the age 75 requirement for the taxation of benefits. Section 65 and Schedule 16 of the newly enacted Finance Act 2011 make new provisions relating to the taxation of benefits available under pension schemes. From 6 April 2011, the requirement to buy an annuity by [...]
