TSC boosts idea of a 'u-turn' on ASP u-turn

In its 162-page report on the 2006 Pre-Budget Report, the group of MPs heard evidence on the proposals put forward by the Treasury to introduce legislative changes “in order to deter people from using ASPs to pass funds on to heirs”. As a result, the government plans to add a requirement to withdraw a minimum level of income each year from an ASP fund, while the transfer of funds from ASPs on death as a lump sum to pension funds would attract an unauthorised payments charge. However, the TSC says evidence submitted to the hearings by John Whiting, from PricewaterhouseCoopers, and the Cha...