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Consultation on tax simplification

The Government intends to issue a consultation paper alongside the Green Paper containing radical proposals to simplify the taxation of pensions.

This will be a key document. At present there are 8 different tax regimes for pensions with further different rules covering contributions and benefits within those regimes. This not only creates confusion among employers, employees and practitioners alike but also considerable additional administration.

While everyone agrees there is a need for simplification most previous attempts have only overlaid a new pension regime on top of existing benefits. This has only added to confusion by creating a further regime. A radical approach would be to move all benefits/contributions to the basis of a new regime and to abolish all earlier regimes. However, if this route is followed, many members with favourable existing scheme benefits may lose out and charges of retrospection will be made. It will be interesting to see how radical the proposals are.


Jupiter boss backing fund manager after below-par performance

Jupiter chief executive Edward Bonham Carter says he is backing all his fund managers after UK growth manager Justin Seager came under fire from IFAs for poor performance.Speculation had been mounting over how long Seager would remain with the group following his failure to maintain the performance of the £463m fund, previously managed successfully by […]

Current meaning of UK domicile

Domicile is different from nationality (i.e. citizenship) and residence or ordinary residence and a person can have only one domicile at any one time under UK law. This would not prevent another country, e.g. Sweden, from deeming an individual to be domiciled in Sweden under Swedish law at the same time as being domiciled in […]

Use of Bare Trusts

Regardless of what may emerge in respect of the CTF it is worth remembering that ordinary “private trusts” in bare or nominee form already offer the opportunity to use the child&#39s (beneficiary&#39s) capital gains tax exemption each year regardless of who the settlor is – parent or otherwise. The parent could also be the trustee. […]

Product Equitable Life findings delayed until summer

The Penrose inquiry has confirmed it will not publish its findings into the Equitable Life collapse until next summer and is ruling out an interim report despite calls from MPs.The secretary to the inquiry issued an open letter last week confirming the publication timetable after Liberal Democrat trade and industry spokesman Vincent Cable condemned the […]

Time to stop the salami slicing on tax relief

Steve Webb  – Director of Policy and External Communications As the Autumn Statement approaches, Steve Webb calls for the Government to stop tinkering with tax relief. Twice a year, in the run-up to the Spring Budget and the Autumn Statement, we face a torrent of speculation as to what changes the Chancellor might make to […]


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