Revised Approach To Tax Regime Welcomed By ACT

The ACT has welcomed the UK Government’s attempt to simplify the taxation of pensions and its proposals to replace the numerous existing regimes with a single unified approach. The ACT noted that the lifetime cap concept represents an enormous potential simplification of the current regime. It also supported the mooted Central Clearing House for purchase of annuities and the idea of limited insurance of pension schemes’ liabilities to members.

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