ASP pot must be emptied to avoid tax warns Winterthur

In his presentation at Winterthur's recent adviser roadshow, Morrison says the decision to treat the leftover funds as an unauthorised payment was “more radical than we thought”. Morrison comments: “An unauthorised payment is not levied on the scheme it is levied on the beneficiary. So someone who is expecting to receive an inheritance of 18% will suddenly be in the position of having to pay a tax charge that could be considerably more than the benefit being received.” There is some hope these details might change in the drafting of the Finance Bill 2007, he says. However, while many ha...