Course outline:
The current pensions tax regime structure was launched on ‘D Day’ 6 April 2006. Since then, there has been a plethora of modifications seeking to cap tax incentives, whilst at the same time encouraging a wider uptake of funding for retirement. Perennial speculation about the retention of higher and additional tax relief has been fuelled by the ever increasing cost to the Exchequer. The most recent statistics for 2023/24 revealed a gross pension income tax and NICs relief cost of 78.2 billion!
In 2023/24, a number of changes expanded the taxation benefits of pension savings, a move which surprised many and which have not yet been reversed following the change in government.
However, government is set to bring unused pension funds and death benefits into the IHT charge on death from April 2027.
Further speculation about pensions and tax savings continues to grab the headlines.
This course focuses on tax rules and developments involved in providing for and accessing a pension.
CPD Hours: 3
The contents of courses predating 2026 may vary.
Course details:
Employer (Workplace) pensions
- Which tax relief method?
- Common mistakes
The Annual allowance (AA)
- The excess charge
- Tapered AA
Accessing ‘money purchase’ pension funds
- Income and lump sums including small pension pots
- Money purchase AA rules and recycling
The new Lump Sum and Lump Sum ‘Death Benefit’ Allowances
- The new allowances
- Benefits taken before 5 April 2024
- Transfers to overseas pension schemes
Protected pensions (DC)
- Overview and impact of developments
The taxation of death benefits
- Income tax
- IHT and pension funds at death
The above content may change depending on new announcements and topical developments.
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