Those affected by the pensions forestalling arrangements this year and next have been given a small concession.
The legislation as originally drafted in the Finance Bill Schedule 35 was constructed so that only contributions which are paid under an agreement which pre-dates budget day 2009, and under which are paid at least quarterly would qualify as regular contributions for the purposes of the pensions forestalling legislation. The importance of this is that the regular contributions are regarded as “protected” under the new rules, and establish a base level of contributions which can continue to be made by affected individuals without incurring a tax charge during 2009/10 and 2010/11.
Tax representative bodies including the CIOT and the Tax Faculty of ICAEW have been lobbying...
About Rebecca Benneyworth
Rebecca trained in London with Kidsons and, on qualifying, spent some time as Chief Accountant of a manufacturing company. She now has her own small practice in Gloucestershire that comprises of owner managed businesses and small companies.
She also lectures extensively for a range of professional bodies, accountancy firms, commercial organisations and the Inland Revenue. Demand has grown for Rebecca on the lecture circuit where she is well known for her refreshing, enthusiastic and entertaining presentation style as well as having a practical and down-to-earth approach to tax.