GEOFF AND DIANA JONES are taking their dispute with the Inland Revenue over their family partnerships tax affairs to the Court of Appeal, says this morning's Daily Telegraph.
Plans to provide local tax inspectors with the ability to review whether qualifying pension contributions paid are tax deductible will only serve to throw ‘pensions simplification' into further quandary, an accountancy firm believes.
The Inland Revenue has confirmed its intention to enforce a second lifetime allowance test on individuals moving from ‘new regime drawdown' to an alternatively secured pension (ASP).
The UK, Northern Ireland and US have come to agreement on the qualification of certain UK pension and retirement arrangements under a treaty for the avoidance of a Double Taxation regarding Taxes on Income, signed in July 2001.
Industry firms are still uncertain how they will proceed with their A-Day plans because the Inland Revenue has yet to issue all the regulations that will govern the new pension simplification regime, new research indicates.
The Government has dropped controversial new clauses from the Finance Bill which would have given the Inland Revenue powers to tax retrospective life assurance business without prior consultation or scrutiny.
The Inland Revenue is again seeking to plug a loophole in current pension legislation enabling individuals to fund a pension twice.
The Inland Revenue and HM Customs and Excise have jointly launched a consultation to reform the departments' powers and tax collection processes which it hopes will lead to taxpayers complying with rules voluntarily.
The Inland Revenue has admitted there is confusion thrown up by pension commencement lump sums and scheme pensions in the run up to A-Day.
The Treasury is still discussing whether to scrap plans for a tax on with-profits funds after consultation with the industry, despite hopes it would be scrapped today.