Registration for Tax Relief

Pension Schemes are able to register with HM Revenue & Customs to claim tax reliefs and exemptions. The tax reliefs that are granted to registered pension schemes are:-

• on contributions by members and payments made on behalf of members (Except employer payments) up to 100% of earnings, and within the annual allowance
• increase in pension benefits promise, within annual allowance
• employer contributions
• investment income-free from income tax
• investment gains-free of capital gains tax
• member benefits-tax free lump sums, within lifetime allowance
• survivor benefits-tax free lump sums, within lifetime allowance
• pension business-such of a company's life assurance business as is referable to contracts entered into for the purposes of a registered pension scheme, or is the re-insurance of such business.