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Revenue closes pension loophole

The Revenue has closed a loophole which allowed pension funds to be passed on tax-free at death when held in small self-administered schemes run as family schemes. Any funds passed on will now face unauthorised payment and IHT charges, bringing the total poten-tial tax charge to 82 per cent, in line with the treatment of alterna- tively secured pensions

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John Charcol senior technical manager Ray Boulger says that Alistair Darling’s announcement on providing longer-term fixed rate mortgages is just yet another re-announcement of previous proposals.“Currently 29 lenders offer fixed rate mortgages for 10 years or more but only a relatively small proportion of borrowers actually choose a long term fixed rate. There is therefore […]

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