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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
