- Governing legislation – Finance Act 2004, Finance Act 2005 and subsequent Statutory Instruments and Regulations.
- New Regime starts on 6th April 2006.
- All current and historic tax regimes will disappear and be amalgamated into one uniform regime.
- Considerable tax exemptions for pensions arrangements continue.
- Every tax-exempt pension arrangement will be “registered” rather than approved - a quicker and simpler process.
- A wide range of strict compliance and audit regulations will be introduced including substantial new reporting requirements.
- There will be self-assessment procedures for members - particularly where they benefit from scheme assets.
- The tax treatment of non-registered schemes, such as FURBS, will change and these will be designated as “employer-financed retirement benefit schemes”.
Sep 09 2005
Highlights of the New "Simplified" Pension Tax Regime