Furbs and tax breaks

The UK Inland Revenue's second consultation document on simplifying pensions contains some provisions that will not be welcomed by those who are involved in unapproved retirement benefits schemes. Many executives make use of unapproved schemes to make provision for their retirement. The most popular of these are Funded Unapproved Retirement Benefits Schemes (FURBS), which are mostly in the form of money purchase arrangements, and structured as UK resident or non-resident trusts. Under current legislation, as long as the schemes are set up as bona fide retirement schemes, they provide qu...