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John W Wilson, Research Consultant, HSBC Actuaries and Consultants Limited, discusses a welcome measure related to FURBS in the recent Finance Bill1

 
John W Wilson Research Consultant HSBC Actuaries and Consultants Limited discusses a welcome measure related to FURBS in the recent Finance Bill1
 
While the Finance Bill 2003 did not contain any real pension scheme surprises there was tucked away in the subsequent Inland Revenue press releases 2 a welcome (and long overdue) measure related to funded unapproved retirement benefit schemes (FURBS). This article provides a commentary on that measure after summarising the anomaly that it is intended to address.
 
When the earnings cap3 was introduced in 1989 FURBS were given a new lease of life as a means of providing retirement and death...

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