The Inland Revenue has announced that the expected start date for the new rules on the taxation of pensions has been put back from April 2004 to April 2005. This is due to responses from the pensions industry to the government’s consultative document on simplifying the taxation of pensions which stressed the need to allow time to prepare for the new regime.
The detail of the new regime will be consulted on during the autumn. The intention is then to introduce the detailed legislation in 2004 ready for a 2005 start date. We will of course keep you up to date on the changes in store.