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Pension Reform in The Budget

The Pensions team at Norton Rose discuss Government action on simplifying the taxation of pensions
The 2004 Budget on 17 March proposes new measures which are broadly in line with those contained in the 2003 Pre-Budget Report. Contrary to what many commentators expected the Chancellor has said that the reforms will be implemented with effect from 6 April 2006 two years after the original 'A-Day' estimate.
The main theme of the changes to the tax treatment of pensions is to replace the eight existing tax schemes with just one. This mirrors the proposals envisaged by the Government's December 2002 consultation paper.
The new tax allowances
The current complex tax rules will be replaced with...

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