Stephen Degnan a consultant with Alec Ure & Associates takes a look at the further changes to the pensions tax regime announced in the Pre-Budget Report on 6 December 2006
Finance Act 2004 introduced the new 'simplified' tax regime for pension schemes and savers to come into force on 6 April 2006. The legislation followed a lengthy period of consultation. Finance Act 2005 included a number of amendments arising out of that continuing consultation process. In Finance Act 2006 the Chancellor backtracked on a number of the 2004 provisions. He changed his mind about allowing individuals to use their pension funds to dabble in 'offensive' investments such as holiday cottages and fine wines. And he backtracked further to take measures to prevent recycling of tax-free lump sums into tax-relieved pension...
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Stephen Degnan a consultant with Alec Ure & Associates takes a look at the further changes to the pensions tax regime announced in the Pre-Budget Report on 6 December 2006
Finance Act 2004 introduced the new 'simplified' tax regime for pension schemes and savers to come into force on 6 April 2006. The legislation followed a lengthy period of consultation. Finance Act 2005 included a number of amendments arising out of that continuing consultation process. In Finance Act 2006 the Chancellor backtracked on a number of the 2004 provisions. He changed his mind about allowing individuals to use their pension funds to dabble in 'offensive' investments such as holiday cottages and fine wines. And he backtracked further to take measures to prevent recycling of tax-free lump sums into tax-relieved pension...
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