Pension tax simplification
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.
Main changes
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.
Latest News for: a day
Dams fund: Armed forces to donate 2-day, one-day salary
The News International 10 Jul 2018Dams fund: Armed forces to donate two-day, one-day salary
The News International 10 Jul 2018Exclusive: Flipkart to host Big Shopping Days sale starting July 16 to counter Amazon Prime Day sale
Yahoo Daily News 10 Jul 2018A day-by-day look at the Thailand cave ordeal
Fresno Bee 10 Jul 2018Forget Prime Day. These 10 stores will price-match Amazon every day of the week
Calhoun Times
10 Jul 2018
Heaviest one-day July rainfall in four years cripples Mumbai, next few days could...
Hindustan Times 10 Jul 2018Bethel's 61st annual Molly Ockett Day
Lewiston Sun Journal 10 Jul 2018Thought for the day, July 10, 2018
LA Daily News 10 Jul 2018Walmart Strikes Back Vs. Amazon With Jet.com Same-Day Grocery Delivery Service
Investors Business Daily 10 Jul 2018NBA Summer League has final full day of preliminary play
Sacramento Bee 10 Jul 2018Early Amazon Prime Day 2018 Deals: Second-hand PSVR Headset for under £128
IGN Insider 10 Jul 2018[New Pic] Anushka Sharma and Virat Kohli’s beautiful day out gets sealed with a ‘Kiss’
Bollywood Life 10 Jul 2018World Population Day: Importance And Why We Celebrate
NDTV 10 Jul 2018- 1
- 2
- 3
- 4
- 5
- Next page »
