United Kingdom | Publication | February 2025
A new system was announced at the Autumn 2021 Budget for HMRC to make direct top-up payments to low-earning individuals saving schemes that obtain tax relief using a net pay arrangement. The Government has confirmed in a parliamentary statement that HMRC are developing an IT solution to identify eligible individuals and make the required payments.
The first payments will be made to eligible individuals in 2026, based on pension contributions made in 2024/25. Approximately one million individuals in net pay schemes will be offered an annual top-up payment of around £70. This will help align low paid members’ outcomes with equivalent savers in pension schemes that use relief at source.
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