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.

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