Philip Gillett of LawDeb Pension Trustees comments on Government’s consultation about pensions tax relief
15 April 2016
Consultation on pension tax relief – no action in Budget ‘almost certainly just a stay of execution’ said Philip Gillett director of LawDeb Pension Trustees when addressing the PMI 2016 Annual Conference
In his presentation at the PMI 2016 Annual Conference held on Thursday 14 April, Philip Gillett concluded that the lack of action following HM Treasury's consultation on pensions tax relief was almost certainly just a stay of execution. He also concluded that the consultation questions were angled towards change and that the inconclusive responses to the consultation leave the opportunity for the Government in future to determine its preferred course of action.
Philip was one of the presenters at the PMI 2016 Annual Conference that provided the chance to take a practical look at what has happened since April 2015 when the new pension freedom and choice options were introduced.
In his presentation he focussed on the key issues raised by the Treasury's pensions tax relief consultation and the responses to the consultation itself – and questioned whether, in light of the obvious tax benefits for Government, the exercise was about a tax grab rather than the incentive to save. He also covered issues relating to the tax treatment of employer contributions; the potential impact of change on auto-enrolment and the introduction of LISAs.
Philip's extensive experience in tax and treasury matters gained from his time spent as a chartered accountant working in both the accounting profession and industry; as a trustee director at LawDeb Pension Trustees; and a judge in the first tier tax tribunal made him an obvious choice to address the Annual Conference on tax matters.
Commenting upon his contribution Philip said he 'was pleased to be invited to share his views and those of LawDeb Pension Trustees about the Government’s consultation.'
He went on to say
we very much believe that a commitment to long-term saving will be best served by stability in long-term incentives to save – as this, in our view, will maintain confidence in the system. Unfortunately, although no change was announced in the Budget, it is almost certainly just a stay of execution. We are concerned that there is almost certainly significant change to come.