HMRC outlines second-hand annuity tax position

Creating a secondary annuity market: tax framework, released today, will run for eight weeks. The market is set to come into operation in April next year and financial advice will be mandatory. The Financial Conduct Authority and HM Treasury are also expected to release consultations shortly. Allowing people to sell their annuities in payment is an extension of pension freedom. It gives people the opportunity to sell their annuity contracts, bought before the reforms came into effect in April last year, in exchange for a lump sum. These payments will no longer large tax penalties....