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Centre for Policy on Ageing | |
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Simplifying the taxation of pensions
— increasing choice and flexibility for all | | Corporate Author | HM Treasury; Inland Revenue |
| Publisher | HM Treasury; Inland Revenue, London, December 2002 |
| Pages | 56 pp |
| Source | Public Enquiry Unit, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ. Inland Revenue, Pensions Simplification Team, Room 132A, New Wing, Somerset House, Strand, London WC2R 1LB. |
| Keywords | Taxation [older people] ; Pensions ; Social policy ; Government publications. |
| Annotation | Published concurrently with the Green Paper on pensions, "Simplicity, security and choice: working and saving for retirement" (Cm 5677), this consultation paper explores how the taxation of pensions can be made simpler. The aim is to develop legislation about pensions to help people provide for a good retirement. The complexity of the current rules are outlined. The proposal is to remove most tax controls on pensions, with remaining controls being "light touch": a single lifetime limit on the amount of pension saving that can benefit from tax relief; and a light touch compliance regime using an annual limit on the value of inflows to each person's pension savings that can gain tax relief. If feasible, legislation could be included in the Finance Bill 2004, to take effect from April 2004. (RH). |
| Accession Number | CPA-030107002 B |
| Classmark | JS: JJ: TM2: 6OA |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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