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fiscale ruimte

English translation: scope for pension tax relief

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Dutch term or phrase:fiscale ruimte
English translation:scope for pension tax relief
Entered by: Willemina Hagenauw

14:05 Mar 16, 2004
Dutch to English translations [PRO]
Social Science, Sociology, Ethics, etc. / social security/pensions
Dutch term or phrase: fiscale ruimte
Of u het nodige spaarkapitaal bij elkaar kunt sparen, is afhankelijk an de fiscale ruimte die u hebt en het rendement dat over het spaarkapitaal gemaakt gaat worden.

Dit gaat over een spaarregeling waarmee men een pensioen bij vervroegde pensionering kan aanvullen.
Willemina Hagenauw
Local time: 09:08
pension tax break
Explanation:
http://news.bbc.co.uk/1/hi/uk_politics/2343805.stm
Pension tax break 'under threat'
Gordon Brown wants more to pay into pensions
Senior ministers are reportedly considering scrapping tax relief for better-off people's pension payments.
A number of Sunday newspapers suggest that the Treasury has floated the idea of ending the 40% tax relief on pension payments for higher-rate tax payers.
At present payments into pension funds are tax-free - which means the state effectively contributes 22p for every 78p invested by a standard rate taxpayer, and 40p for every 60p invested by a higher rate taxpayer.

http://www.uvt.nl/personeel/keuzemodel/doelen/pensioen.html
Aanvraagprocedure deelname ABP Extra Pensioen vanuit bruto salaris
U berekent eerst uw fiscale ruimte met de ABP Pensioenmeter, te vinden op www.abp.nl in de rubriek ABP Extra Pensioen. U stelt binnen deze ruimte de gewenste maandelijkse inleg vast.
U vult vervolgens het aanvraagformulier ABP Extra Pensioen in, dat u kunt vinden op www.abp.nl.
U levert het aanvraagformulier met een print van de berekende fiscale ruimte plus een kopie van uw pensioenoverzicht rechtstreeks in bij één van de medewerkers van de salarisadministratie (DEA/PIA).
De salarisadministratie zorgt vervolgens voor de inhouding en afdracht aan ABP. Let wel: u kunt niet met terugwerkende kracht inleggen voor ABP Extra Pensioen.


--------------------------------------------------
Note added at 2004-03-16 16:54:52 (GMT)
--------------------------------------------------

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2003/...
The pension tax break Labour wants to kill
The Government\'s Green Paper was highly critical of so-called self-invested personal pensions. Teresa Hunter explains what they are.
The Government\'s Green Paper on pensions could bring down the curtain on tax breaks relied on by company directors to keep their firms afloat as they plan for their retirement.



--------------------------------------------------
Note added at 2004-03-16 18:47:21 (GMT)
--------------------------------------------------

http://www.findarticles.com/cf_dls/m0LFR/2003_Jan_27/9705089...

A high earner could lose as much as GBP154,264 in tax relief if they miss Friday\'s carry-back pensions tax break deadline.
Individuals taking advantage of the current tax breaks could benefit from a considerable uplift in their pension fund if they use this last chance to use their 2001-2002 contribution allowance.
A man aged 65 who was earning above the earnings cap last year and made no pension contribution could contribute as much as GBP38,169 and claim relief worth up to GBP154,264 at 40% tax.
Colin Maloney, Jupiter\'s unitised pensions development director, commented: \"Whilst carry-forward was abolished last January, the valuable carry-back tax break remains intact, allowing payments made this year to be treated as though they were made last tax year. So it makes sense for people to check now whether they could benefit - before it\'s too late.\"



--------------------------------------------------
Note added at 2004-03-16 18:49:20 (GMT)
--------------------------------------------------

Pension contribution tax relief / incentive, could be an option.

--------------------------------------------------
Note added at 2004-03-16 18:55:47 (GMT)
--------------------------------------------------

Scope for pension tax relief seems to me the best solution.

--------------------------------------------------
Note added at 2004-03-16 19:13:37 (GMT)
--------------------------------------------------

http://216.239.59.104/search?q=cache:Udy2Lp969aoJ:www.civils...
Added years are a way of boosting your retirement income. You buy a specific number of added years which will increase the service on which your pension is based.
Can I buy added years? Yes provided you have enough SCOPE to do so under the Inland Revenue limits.

The Inland Revenue limits you to paying no more than 15% of your gross earnings during the tax year towards your future pension benefits. As a classic member, you already contribute 1.5% of your salary towards a widow’s/widower’spension. If you are contributing to the CSAVCS or a FSAVC arrangement, or have retained benefits from a previous pension scheme, then your SCOPE will reduce further.
Selected response from:

jarry (X)
South Africa
Local time: 10:08
Grading comment
Thanks! I went for your Scope for pension tax relief, which I found perfect for my context!
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +5your specific tax situation
Chris Hopley
4 +1pension tax break
jarry (X)
4Tax allowance / threshold
Adam Smith
4tax window
Deborah do Carmo


  

Answers


5 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +5
your specific tax situation


Explanation:
You may be using up your 'fiscale ruimte' on other tax-sensitive products (e.g. mortgage interest relief, certain investments, etc.), or you may only have a limited 'fiscale ruimte' because you are in a low tax band (so the gains are proportionally smaller).

Chris Hopley
Netherlands
Local time: 10:08
Native speaker of: English
PRO pts in category: 16

Peer comments on this answer (and responses from the answerer)
agree  Jacqueline van der Spek
0 min
agree  Kate Hudson (X)
31 mins
agree  Saskia Steur (X): exactly!
1 hr
agree  Mirjam Bonne-Nollen
1 hr
agree  Maria van der Heijde-Zomerdijk (X)
2 hrs
neutral  jarry (X): "Fiscale ruimte" in my opinion refers to the amount of additional pension one can buy that still qualifies for tax relief. See my answer and references below.
2 hrs
  -> 'fiscale ruimte' relates to the scope for creating a gain from the prevailing tax regime in respect of any financial product, e.g. loans, life insurance, mortgages and pensions.
neutral  Deborah do Carmo: this is a valid explanation but I believe there may be an actual translation more directly on point - see my comments, thanks
3 hrs
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12 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
Tax allowance / threshold


Explanation:
The UK equivalent of this may be the notion of a "tax allowance" and "tax threshold", e.g.

" * These figures assume that the husband claims all the married couple's allowance and that total income is £18,300 or less.
* All figures are rounded to the nearest pound below.

It is important to know your tax threshold. Couples where the husband pays tax but the wife does not should consider moving savings from the husband's name to the wife's name so that the income becomes hers and escapes tax. The wife should try to bring her income up to her tax threshold but no further. "

see ref. http://www.helptheaged.org.uk/AdviceInfo/InfoPoint/_checkyou...

Adam Smith
United Kingdom
Local time: 09:08
Native speaker of: Native in EnglishEnglish
PRO pts in category: 8

Peer comments on this answer (and responses from the answerer)
neutral  Deborah do Carmo: Here we are talking about the gap one enjoys before reaching one's threshold, as the point of liability
3 hrs
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2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
pension tax break


Explanation:
http://news.bbc.co.uk/1/hi/uk_politics/2343805.stm
Pension tax break 'under threat'
Gordon Brown wants more to pay into pensions
Senior ministers are reportedly considering scrapping tax relief for better-off people's pension payments.
A number of Sunday newspapers suggest that the Treasury has floated the idea of ending the 40% tax relief on pension payments for higher-rate tax payers.
At present payments into pension funds are tax-free - which means the state effectively contributes 22p for every 78p invested by a standard rate taxpayer, and 40p for every 60p invested by a higher rate taxpayer.

http://www.uvt.nl/personeel/keuzemodel/doelen/pensioen.html
Aanvraagprocedure deelname ABP Extra Pensioen vanuit bruto salaris
U berekent eerst uw fiscale ruimte met de ABP Pensioenmeter, te vinden op www.abp.nl in de rubriek ABP Extra Pensioen. U stelt binnen deze ruimte de gewenste maandelijkse inleg vast.
U vult vervolgens het aanvraagformulier ABP Extra Pensioen in, dat u kunt vinden op www.abp.nl.
U levert het aanvraagformulier met een print van de berekende fiscale ruimte plus een kopie van uw pensioenoverzicht rechtstreeks in bij één van de medewerkers van de salarisadministratie (DEA/PIA).
De salarisadministratie zorgt vervolgens voor de inhouding en afdracht aan ABP. Let wel: u kunt niet met terugwerkende kracht inleggen voor ABP Extra Pensioen.


--------------------------------------------------
Note added at 2004-03-16 16:54:52 (GMT)
--------------------------------------------------

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2003/...
The pension tax break Labour wants to kill
The Government\'s Green Paper was highly critical of so-called self-invested personal pensions. Teresa Hunter explains what they are.
The Government\'s Green Paper on pensions could bring down the curtain on tax breaks relied on by company directors to keep their firms afloat as they plan for their retirement.



--------------------------------------------------
Note added at 2004-03-16 18:47:21 (GMT)
--------------------------------------------------

http://www.findarticles.com/cf_dls/m0LFR/2003_Jan_27/9705089...

A high earner could lose as much as GBP154,264 in tax relief if they miss Friday\'s carry-back pensions tax break deadline.
Individuals taking advantage of the current tax breaks could benefit from a considerable uplift in their pension fund if they use this last chance to use their 2001-2002 contribution allowance.
A man aged 65 who was earning above the earnings cap last year and made no pension contribution could contribute as much as GBP38,169 and claim relief worth up to GBP154,264 at 40% tax.
Colin Maloney, Jupiter\'s unitised pensions development director, commented: \"Whilst carry-forward was abolished last January, the valuable carry-back tax break remains intact, allowing payments made this year to be treated as though they were made last tax year. So it makes sense for people to check now whether they could benefit - before it\'s too late.\"



--------------------------------------------------
Note added at 2004-03-16 18:49:20 (GMT)
--------------------------------------------------

Pension contribution tax relief / incentive, could be an option.

--------------------------------------------------
Note added at 2004-03-16 18:55:47 (GMT)
--------------------------------------------------

Scope for pension tax relief seems to me the best solution.

--------------------------------------------------
Note added at 2004-03-16 19:13:37 (GMT)
--------------------------------------------------

http://216.239.59.104/search?q=cache:Udy2Lp969aoJ:www.civils...
Added years are a way of boosting your retirement income. You buy a specific number of added years which will increase the service on which your pension is based.
Can I buy added years? Yes provided you have enough SCOPE to do so under the Inland Revenue limits.

The Inland Revenue limits you to paying no more than 15% of your gross earnings during the tax year towards your future pension benefits. As a classic member, you already contribute 1.5% of your salary towards a widow’s/widower’spension. If you are contributing to the CSAVCS or a FSAVC arrangement, or have retained benefits from a previous pension scheme, then your SCOPE will reduce further.

jarry (X)
South Africa
Local time: 10:08
Works in field
Native speaker of: English
PRO pts in category: 16
Grading comment
Thanks! I went for your Scope for pension tax relief, which I found perfect for my context!

Peer comments on this answer (and responses from the answerer)
agree  Deborah do Carmo: I like you last alternative "scope for pension tax relief" - gets around the "opportunity" aspect having a possible negative connotation.
57 mins
  -> But I suggested PENSION tax break as an answer, which is not a general synonym for tax break. I am suggesting pension contribution tax relief or incentive as an alternative.
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3 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
tax window


Explanation:
I initially liked the option of tax break but this in the States is actually a synonym for tax benefit

See definition of tax break: tax break, n : a tax deduction that is granted in order to encourage a particular type of commercial activity [syn: tax benefit]

.....whereas here we are talking about the "gap" a person has to invest in his pension fund BEFORE he reaches his threshold. Tax gap also has a different negative meaning and is thus not suitable.

I believe "specific tax situation" is explanatory but not directly on point so I am neutral to that too.

The term Ii am suggesting enjoys use and ties up well with the idea of "ruimte"

e.g. The separate window would also ensure that there is a dedicated window for long-term savings. At the moment, the gamut of short and long term funds are mixed up with savers being permitted to save upto Rs 60,000 in long and short tenure tax rebate instruments including insurance, provident fund, small savings and infrastructure instruments, apart from Rs 20,000 dedicated to infrastructure investments under section 88.

Government officials feel there’s a lot of confusion in terms of structure with long and short tenure monies vying for the same window. The separation of the windows is expected to separate the tax rebate schemes, thereby correcting the structure as well as giving an impetus to the savings rate. The Economic Times Online
Printed from economictimes.indiatimes.com >Tax Centre







--------------------------------------------------
Note added at 3 hrs 35 mins (2004-03-16 17:41:03 GMT)
--------------------------------------------------

alternatively you can use: \"tax rebate window\"


    Reference: http://economictimes.indiatimes.com
Deborah do Carmo
Portugal
Local time: 09:08
Native speaker of: English
PRO pts in category: 4

Peer comments on this answer (and responses from the answerer)
neutral  jarry (X): Window makes me think of opportunity, rather than scope ("ruimte").
1 hr
  -> yes because of the common phrase : window of opportunity, but that is exactly what this is - an opportunity (not in the negative sense of tax evasion ) but in the sense of legal tax avoidance - it is room to move in and plan - as per the Dutch
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