In the Spring Budget, the chancellor announced significant changes to pensions taxation, not least the abolition of the lifetime allowance. Mike J Haynes (Andersen) identifies the opportunities and the risks in the new regime.
The chancellor announced some significant changes to the tax rules for UK registered pension schemes. I am going to explain how I think those changes will impact individuals.
Why change the annual allowance and lifetime allowance?
This is a slight deviation but I would like to share my experience of a recent visit to a grumpy consultant cardiologist. Thankfully my heart was in great shape but I made the mistake of mentioning my profession in pension scheme taxation and spent the next hour discussing the cardiologist’s defined benefit pension fund and the impact of the lifetime allowance. He charged me for the full hour by the way.
This cardiologist and his peers have...
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In the Spring Budget, the chancellor announced significant changes to pensions taxation, not least the abolition of the lifetime allowance. Mike J Haynes (Andersen) identifies the opportunities and the risks in the new regime.
The chancellor announced some significant changes to the tax rules for UK registered pension schemes. I am going to explain how I think those changes will impact individuals.
Why change the annual allowance and lifetime allowance?
This is a slight deviation but I would like to share my experience of a recent visit to a grumpy consultant cardiologist. Thankfully my heart was in great shape but I made the mistake of mentioning my profession in pension scheme taxation and spent the next hour discussing the cardiologist’s defined benefit pension fund and the impact of the lifetime allowance. He charged me for the full hour by the way.
This cardiologist and his peers have...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
