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Revenue under fire from Flight on annuities

Howard Flight MP, the deputy chairman of Investec Guinness Flight, has hit out at Inland Revenue opposition to changing the annuities regime.


Flight says: “The Revenue&#39s arguments against extending drawdown arrangements beyond 75 are pure obfuscation.


“While permitting drawdown for those over the age of 75 may incur a cash-flow revenue-timing cost to the Inland Revenue, the tax charge on any remaining undrawn pension balances on death could be raised to offset this.”

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