- published: 16 Apr 2013
- views: 86003
Pension tax simplification, often simply referred to as "pension simplification" and taking effect from A-day on 6 April 2006 was a policy announced in 2004 by the Labour government to rationalise the British tax system as applied to pension schemes. The aim was to reduce the complicated patchwork of legislation built-up by successive administrations which were seen as acting as a barrier to the public when considering retirement planning. The government wanted to encourage retirement provision by simplifying the previous eight tax regimes into one single regime for all individual and occupational pensions.
Broadly the new regime allows considerable freedom in the tax relievable contributions that may be made to pension schemes, and the assets in which they may be invested. It also however caps the size of tax favoured pension fund that may be accumulated by an individual. This 'lifetime allowance' was set at £1.6M for 2007–08. Funds accumulated in excess of the lifetime allowance are subject to a tax charge of 55%. Transitional protection provisions were made for individuals who had already accumulated pension funds in excess of this amount.
24 Hours or Twenty Four Hours may refer to:
If you had 24 hours in a day - Motivation
24 Hours With 5 Kids on a Busy Day
24 HOURS IN A DAY | ZSF MOTIVATION
24/7 Live Radio Music Mix | Deep House | Chill Music | Tropical House - The Good Life
24 Hours With 5 Kids on A Fun Day
24 Hours With 5 Kids on a Rainy Day
24 Hours A Day - Triumph
24 Hours With 5 Kids on a Hot Day
The Partridge Family - 24 Hours A Day
Who Decided There Are 24 Hours In A Day?
Faced with everyone's worst fear. Our trivial lives that don't marrer so why are we here? Oh what a dream, little bit of freedom little bit of fantasy. I once knew what it was, that drove me to strive for a new tomorrow. The anger that drove me when I was younger. Now I can see the hate that misguided me. Sometimes all I want to do is sleep. The world would never miss me.