Finance Bill Debates

Alan Dolton

Alan Dolton Editor of Tolley's Tax Cases continues our summaries of the Public Bill Committee debates on the Finance Bill

The Economic Secretary (Kitty Ussher) responded to Conservative questions about Schedule 28 (inheritance of tax-relieved pension savings):

'The hon. Member for Fareham correctly summarised what the schedule is attempting to achieve. It will change current legislation to ensure that scheme pensions and lifetime annuities are used to provide a retirement income for life and not as a means of diverting tax-relieved pensions savings into inheritance …. The purpose of giving generous tax relief on pension savings is to support savings that provide a secure income in retirement so provisions allowing tax relief to be redirected and passed on to inheritance are contrary to that fundamental principle. In addition ...

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Alan Dolton Editor of Tolley's Tax Cases continues our summaries of the Public Bill Committee debates on the Finance Bill

The Economic Secretary (Kitty Ussher) responded to Conservative questions about Schedule 28 (inheritance of tax-relieved pension savings):

'The hon. Member for Fareham correctly summarised what the schedule is attempting to achieve. It will change current legislation to ensure that scheme pensions and lifetime annuities are used to provide a retirement income for life and not as a means of diverting tax-relieved pensions savings into inheritance …. The purpose of giving generous tax relief on pension savings is to support savings that provide a secure income in retirement so provisions allowing tax relief to be redirected and passed on to inheritance are contrary to that fundamental principle. In addition ...

If you or your firm subscribes to Taxjournal.com, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes: