Pension Tax Guide 2022-23

A thorough and very practical guide to how the pension rules work, and to the part they play in tax planning, written for professionals (accountants, tax specialists, lawyers, financial advisers) who need to understand the complex and rapidly-changing rules.

“Well-considered and thorough.” – TAXline review of earlier edition

Contents (in brief)

• The tax benefits of registration
• Contributions and input
• The lifetime allowance
• Taxation of member benefits
• Transfers and refunds
• Pension scheme lump sums and authorised payments
• Investments
• International aspects and the lifetime allowance
• Death benefits and inheritance tax
• Transitional protection
• Employer-financed retirement benefit schemes

New for this edition

• Court of Appeal ruling re registration requirement.
• Expanded list of DOTAS hallmarks
• New legislative framework for collective money purchase benefits schemes (defined contribution schemes)
• Uncoupling of lower limits for qualifying earnings and for NIC
• Updated figures for pension credits
• Possible areas for reform of pension tax relief
• Proposals for top-up payments for low-earning individuals
• Freezing of lifetime allowance
• Re-working (for greater clarity) of benefit crystallisation events
• FA 2022 changes re normal minimum pension age
• New statutory pension transfer safeguards
• Exclusions from “permitted transfers” (re loss of enhanced protection)
• List of HMRC guidance re VAT and occupational pension schemes
• Short new section on climate change obligations
• Short additional commentary re income from pensions held overseas
• Expanded coverage of benefits of excepted group life policies
• Examples reviewed and updated as appropriate.

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