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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 08/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 07/09
Flaws Uncovered In UK PAYE Tax System, Tax-News.com |
| 06/09
German Cabinet Agrees 'Future Package', Tax-News.com |
| 03/09
South Africa Rejects Mining Tax, Tax-News.com |
| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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Report Slams UK Government's Pension 'Tax Grab',
By Robert Lee, Tax-News.com, London 05 November 2008
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Private pension funds in the UK have lost between GBP150bn and GBP225bn as
a result of changes to tax laws in the 1990s, according to a new report by the
pressure group Taxpayers' Alliance.
This is one of the key findings of a report published on Monday into
the effects that government "tax grabs" have had on the value of privately-funded
pensions. The most damaging of these tax grabs, argues the Taxpayers'
Alliance (TPA), was Gordon Brown's decision to cancel Advanced Corporation Tax
relief shortly after becoming Chancellor of the Exchequer in 1997. This reform
prevented pension schemes from reclaiming tax on a company's profits at the
rate of 20%.
According to the TPA, partly as a result of this tax change, the number of
active members of private sector occupational schemes has fallen by 41% in the
past 12 years, with an even greater fall in defined benefit scheme members.
Were this trend to continue, there would be no active members of private sector
occupational schemes in 12 years’ time.
However, while private pensions have been steadily eroded by what the TPA described
as "political meddling and managerial incompetence on the part of inexperienced
politicians," the report noted that the public sector pension system is
flourishing. It concluded that there are now over 17,000 retired public sector
employees with retirement benefits worth GBP1m each, while unfunded public sector
pension liabilities are estimated to exceed GBP1tn, over 70% of GDP.
Some public sector organisations, including Parliament and the BBC, refused
to release details of how many MP and BBC pensioners have received pension benefits
exceeding GBP1m.
Terry Arthur, author of the report and a Fellow of the Institute of Actuaries,
said: “Political management of the UK pensions system has failed to provide
a decent retirement income for many people and has been a painful lesson in
the limitations of government. The history of the state pension system has been
littered with broken promises, while it is immediately apparent that the proposed
NPSS (National Pension Savings Scheme) could lead to lawsuits on a massive scale. The possibility that contributions
may prove to have been worthless because they end up disqualifying the individual
from pension credits or other benefits is just the tip of the iceberg.”
Corin Taylor, Research Director at the TaxPayers’ Alliance, added: “The
infamous tax raid on pension funds has been a major factor in the collapse of
occupational pension provision in the private sector, while gold-plated public
sector pensions have remained immune from necessary changes. It is not right
for taxpayers to be subsidising million pound retirement benefits for the public
sector elite while seeing the value of their own pensions plummet, or in many
cases not having a pension at all.”
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| THE LOWTAX LIBRARY
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