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07 February 2007 / Stephen Degnan
Issue: 4094 / Categories: Comment & Analysis , Admin
STEPHEN DEGNAN looks at the major changes to the 2006-07 tax return SA100 resulting from the pensions simplification legislation.

SIMPLIFICATION OF THE tax regime for UK tax registered pension schemes and individual pension scheme members was introduced by Finance Act 2004 Part 4 to come into effect from 6 April 2006 known as A Day. Finance Act 2005 contained numerous technical amendments to the new regime and in the run up to Finance Act 2006 the Chancellor made an about turn before the new regime came into force restricting the investment choices of schemes and preventing recycling of pension lump sums into tax relieved contributions.
The new rules for contribution relief for individuals and the myriad new tax charges potentially applying to individuals have thrown up numerous alterations and new questions on the 2006-07 version of the individual tax return form SA100. This return will be served on some eight or nine million taxpayers on 6 April 2007.

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