Lamport Bassitt Solicitors - Legal News - Cost of collecting new high earners' tax 'is high'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Cost of collecting new high earners' tax 'is high' The cost of collecting the recently implemented high earners' pension tax has been significant, it has been claimed. According to analysis by Standard Life, the Treasury's estimated set up costs for the new levy were too low and the actual amount spent setting up the system was nearly as much as the sum collected. While the government thought the scheme would cost £345 million, the true price was nearer £2.5 billion, the firm alleged. It suggested that the Treasury - which is headed by the chancellor of the exchequer and has roots tracing back many centuries - failed to account for costs such as the dispensing of individual advice. Commenting on the levy, head of pensions policy at Standard Life John Lawson said: "This is inefficiency gone mad - pension savers, their employers and their pension schemes will have to spend £2.5 billion so that HM Treasury can collect £3.6 billion of tax." Posted by Fiona White Related Articles: 17/5/2012 - Discussing death remains taboo as wills and inheritance tax planning suffers 11/5/2012 - Queen's Speech legal reforms welcomed 4/5/2012 - Create Lasting Power of Attorney before it's too late 2/5/2012 - Support for will writing regulation grows 25/4/2012 - Inheritance tax planning could net �450m a year in savings More Individual Legal Services News