TaxPersonal TaxDarling unveils stakeholder pension tax rules

Darling unveils stakeholder pension tax rules

Social Security secretary Alastair Darling has today published draft clauses for the tax regime of the incoming stakeholder pensions scheme.

The draft clauses and subsequent legislation will be included in this year’s Finance Bill, and the move represents what the government called ‘a further step towards the introduction of the pension,’ which is due to take place next April.

The clauses set out details of the tax regime and have arrived following consultation to government proposals, which were issued last year.

Darling said: ‘We have always said that stakeholder pensions will be good value, reliable and secure. These reforms make sure that they will also be simple and accessible.’

The government has said the deadline for comments on the draft clauses should be produced before 13 March for them to be considered in the Finance Bill – while draft tax regulations are due to be issued for comments at the end of March.

Meanwhile it is planned that stakeholder schemes will be able to register with Inland Revenue and the Occupational Pensions Regulatory Authority from October.

Details can be found at the Inland Revenue’s website at http://www.inlandrevenue.gov.uk.

Related Articles

HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

5m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

5m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

5m Emma Smith, Managing Editor