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Pension Trouble For Top Earners

From April 2004 the proposed pension reform will hit certain top earners with a tax charge of 60% to the extent the value of their pension exceeds a given figure. Maurice Parry-Wingfield Tax Director Deloitte & Touche argues that these and other limitations together with inadequate 'grandfathering' of existing schemes operate unfairly for such people. Time is beginning to run out for responses to the consultative document due in a month's time
In December the Treasury and Revenue jointly published a consultative document (the Condoc) on pension reform headed 'Simplifying the taxation of pensions: increasing choice and flexibility for all' ( In it a large number of proposals are made and questions asked. I just want to concentrate on one aspect: how it affects the...

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