Pensions secretary, Andrew Smith, has proposed a lifetime limit of £1.4m in tax efficient pension plans. Anything above this will be subject to a rate of 60%.
The Treasury maintains that more than 99% of people will benefit from the new measures to be introduced in 2004. The findings come from Lane Clark & Peacock, a firm of actuaries that specialises in pensions advice.
‘Our initial view is that the Green Paper is a disappointment and has thrown ideas back for yet more consultation,’ stated the firm. ‘It is difficult to see how many of the suggestions will encourage employers to carry on running occupational defined benefit schemes.’
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements