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Humour and sense

02 August 2016 / Richard Curtis
Issue: 4561 / Categories: Comment & Analysis

The second sitting of the Public Bill Committee on Finance Bill 2016.


  • Further changes to the pensions flexibility rules.
  • Fixed-rate deductions extended to partnerships.
  • ISAs retain their tax-advantaged status after death.
  • The transaction in securities legislation is extended to distributions in a company winding-up.
  • The disguised investment management fee rules are amended to clarify taxation as income or capital.

The second sitting of the Public Bill Committee’s deliberations on Finance Bill 2016 started with clause 21: dependants’ scheme pensions.

In some circumstances when an individual pension saver dies a dependant may be entitled to a pension from their scheme. The value of the pension must be tested annually to ensure that inheritance tax has not been avoided.

The test applies to the pensions of savers who died on or after 6 April 2006 who were aged 75 or...

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