Budget: IR reveals few pensions details

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IFAs hoping for further details on the Inland Revenue's proposed simplification rules will be highly disappointed by the Budget published today as it offers little new on the changes facing pensions in the next couple of years.

Chancellor Gordon Brown did announce the tax regime changes will come into effect by April 2006, with the lifetime allowance rising as follows: 2006 - £1.5m 2007 - £1.6m 2008 - £1.65m 2009 - £1.75m 2010 - £1.8m And the annual allowance increasing as follows: 2006 - £215,000 2007 - £225,000 2008 - £235,000 2009 - £245,000 2010 - £255,000 However, besides announcing A-day and the lifetime limit, Brown's Budget statement does not reveal any further details regarding other aspects of simplifying the current regime. In addition, a statement from the Inland Revenue...

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