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Issue:
4476
/
Categories:
Comment & Analysis
, Admin
, Budget/Finance Act
, Inheritance Tax
, Investments
, Pensions
, VAT
Tax consequences of the changes to how pension pots can be accessed
KEY POINTS
- There will be two different ways to access pension funds flexibly from April 2015.
- Only flexi-access drawdown will allow a tax-free lump sum to be taken on its own.
- The abolition of the 55% tax rate on funds left at death will allow significant tax planning.
- Local government pension scheme members may be persuaded to transfer out.
For its most basic concepts tax uses two-letter acronyms such as IT and CT. As it gets a little more complex we enter the world of three-letter initialisms: VAT IHT.
Even the truly complex world of ITEPA 2003 Part 7 can normally get away with no more than four letters (eg IUMV for the initial unrestricted market value).
So what does it say about the complexity of the latest pension rules that a...
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