Regular readers may recall my Blog from last October, entitled “Cart before horse nonsense has to stop”, in which I berated the time it was taking to get legislation through Parliament, ratifying pension-related changes that had, in effect, already come into force (for example, applying for Fixed Protection 2016).
The fall-out from a General Election inevitably involves a game of musical chairs; masquerading as a Parliamentary reshuffle.
When Theresa May called a snap General Election in April, few would have envisaged the outcome resulting in a hung parliament and no Conservative majority.
Regular readers may recall that my blog in November 2016 focused on HMRC unexpectedly challenging SIPP providers on whether net pension contributions could be made in specie, (that is, a change of legal ownership without any sell/buy transactions), and still receive tax relief.
A-Day on 6 April 2006 ushered in a new taxation regime for pensions, under the heading of Pension Simplification (no sniggering at the back, please).
Those of a certain vintage will remember the animated children’s TV programme, “Mr Benn”, where each episode featured the line, “and then – as if by magic – the shopkeeper appeared”.
Reduction in the MPAA: a sign of things to come?
Sitting here amidst a post-Christmas lull, whilst tucking into a seventh meal comprised of turkey, my mind naturally drifts to the Autumn Statement consultation about reducing the Money Purchase Annual Allowance (MPAA) from £10,000 to £4,000 with effect from 6 April 2017.
Sitting here amidst a post-Christmas lull, whilst tucking into a seventh meal comprised of turkey, my mind naturally drifts to the Autumn Statement consultation about reducing the Money Purchase Annual Allowance (MPAA) from £10,000 to £4,000 with effect from 6 April 2017.
During the summer, HMRC unexpectedly began challenging Sipp providers on whether net pension contributions can be made in specie, (that is, a change of legal ownership without sell/buy transactions).
Regular readers may recall the first Blog that I wrote for Sipps Professional in December last year, entitled “The Law is a Drag”.
The much-anticipated capital adequacy regime for SIPPs is finally upon us, and providers now have to get out their abacuses, and remove their shoes and socks, in order to undertake the calculations that will determine the requisite size of their capital reserves, underpinning the membership of their SIPP book of business and portfolio of assets.
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