Tax simplification – further changes announced


The Inland Revenue has announced a futher package of measures which will form part of the tax simplication changes due to come into force on 6 April 2006 (A-Day). Many of the new measures stem from on-going “liaison” with the pensions industry following the enactment of the Finance Act 2004 in July last year. The aim is to provide schemes and individuals with additional flexibility, to clarify certain aspect of the 2004 Act, to smooth the transition from the current to the new tax regime and to introduce “further anti-abuse and compliance rules”.

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