The long anticipated date for A-day - the day when the new simplified regime for taxing pensions wil...
The long anticipated date for A-day – the day when the new simplified regime for taxing pensions will come into force – has finally been revealed as 6 April 2005 by secretary of state for work and pensions Andrew Smith.
The government intends to legislate the new regime next year.
However, in response to industry concerns about the need for more time, it has decided to wait another two years before implementing the new simplified regime.
This give time to adapt to the new rules, and enable providers to make the necessary changes to their systems, the Government says.
A-day was coined in December 2002 when the Government issued the consultation paper "Simplifying the taxation of pensions: increasing choice and flexibility for all".
A-day will lead to a number of changes.
All existing tax regimes governing pensions will be abolished, replaced by a single, unified set of rules.
A single lifetime limit, fiercly debated in the past few months, will also be implemented.
More details of the new regime will be consulted on in the autumn.
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