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Creating a buzz

13 August 2013 / Richard Curtis
Issue: 4415 / Categories: Comment & Analysis , Admin , Budget/Finance Act

Continuing to cut through the Finance Bill committee debates


  • Pension measures affect income drawdown limits bridging pensions and qualifying recognised overseas pension schemes.
  • Despite criticism the employee shareholder schemes legislation is approved.
  • Capital gains tax relief under the seed enterprise investment scheme is extended but halved.
  • First-year allowances for some cars and gas refuelling stations are extended.
  • The tax charges under CTA 2010 s 455 are expanded to new situations.

The 12th sitting of the Public Bill Committee drew to a close by considering clauses 49 and 50 of the Finance Bill. Clause 49 (now FA 2013 s 50) returns the income limit for those in drawdown from their pension scheme to up to 120% of the amount of an equivalent annuity. This was the limit until it was reduced to 100% in...

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