Pension tax relief, tax-free lump sums and the annual allowance remained unchanged in the Budget, much to the relief of the pensions industry.
However, a number of legislative confirmations and cracks downs which didn't make it into George Osborne's speech were confirmed in supporting policy documents. • Qualifying Recognised Overseas Pension Schemes (QROPS) Government will change primary legislation to strengthen reporting requirements and powers relating to QROPS, backing changes in secondary legislation published for consultation on 6 December last year. Government also announced it will exclude relevant types of pension scheme from QROPS in countries which actively breach the rules. • Contributions paid to spouses or f...
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