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Funds of surplus

FUNDS OF SURPLUS

With effect from the date of Royal Assent of the Finance Bill 2001 any refund of surplus to an employer will be taxed at 35% rather than 40% as at present.

This change is long overdue and will restore the differential between the rate of taxation on the withdrawal of pension fund surpluses and the rate of corporation tax to its original level when the 40% charge was first introduced (ie. taking account of the reductions that have been made to corporation tax rates since then)

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