Pension Tax Guide 2023-24

Just published.

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

• Increase of the annual allowance and money purchase annual allowance
• Removal of the lifetime allowance excess tax charge
• Modifications to transitional protection rules
• Amended rules re lifetime allowance excess lump sum and serious ill-health lump sum
• Amended rules re lump sum protection
• Clarification and update re treatment of certain death benefits
• Updated commentary on the practical issues arising re small pension pots
• First authorisation of a collective defined contribution (CDC) scheme
• Amended rules from April 2023 for transfers to a qualifying recognised overseas pension scheme
• Expanded commentary on periods of non-residence
• Updated commentary re potential use of employer-financed retirement benefit schemes

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