Pensions tax relief to remain at 20% for 2023/24

HMRC’s Pension Schemes Newsletter 143 confirms the following:

• for the 2023/24 tax year, the relevant rate of tax for relief at source schemes will be 20% (meaning relief will be given at 20% even though the basic rate will be 19%) to give one year’s grace to adjust IT systems; and
• the proposal to introduce a new reportable event for certain public sector pension schemes from April 2023 has been withdrawn, with no new reporting requirement from that date.