Tim Smith and David Smith (Eversheds) report on the changes already due to take effect from April and look ahead to the likely changes in next month’s Budget.
On 6 April 2016 it will be ten years since ‘A-day’ which saw the introduction of a new ‘simplified’ pensions tax regime. At that time it was hoped that the new regime would remain stable and that governments would resist the temptation for constant tinkering. Unfortunately that has proved not to be the case. The past decade has seen 13 separate changes to the pensions annual and lifetime allowances (with accompanying transitional protection where relevant) and more recently a radical overhaul of the tax rules that apply to defined contribution pensions when an individual accesses them and on death.
Further changes are also in the pipeline. This April will see the introduction of the so-called ‘tapered...
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Tim Smith and David Smith (Eversheds) report on the changes already due to take effect from April and look ahead to the likely changes in next month’s Budget.
On 6 April 2016 it will be ten years since ‘A-day’ which saw the introduction of a new ‘simplified’ pensions tax regime. At that time it was hoped that the new regime would remain stable and that governments would resist the temptation for constant tinkering. Unfortunately that has proved not to be the case. The past decade has seen 13 separate changes to the pensions annual and lifetime allowances (with accompanying transitional protection where relevant) and more recently a radical overhaul of the tax rules that apply to defined contribution pensions when an individual accesses them and on death.
Further changes are also in the pipeline. This April will see the introduction of the so-called ‘tapered...
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:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")