Pension tax simplification
British pension tax change policy
Pension tax simplification, sometimes referred to as pension simplification was a British overhaul in 2006 of taxation rules for United Kingdom pension schemes. The aim was to reduce the complicated patchwork of legislation built-up by successive administrations which were seen as acting as a barrier to the public when considering retirement planning. The measures were introduced as part of the UK government's Finance Act 2004. The new regime introduced considerable freedom in the tax relievable contributions for pension schemes and the assets in which they may be invested. It was a significant change to the UK pension system at that time.
History
The pension tax simplification was a policy announced in 2004 by the Labour government to rationalise the British tax system as applied to pension schemes. The government wanted to encourage retirement provision by simplifying the previous eight tax regimes into one single regime for all individual and occupational pensions. The measure was passed in law when the UK parliament passed the Finance Act 2004 and took effect from so called A-day on 6 April 2006.
Main changes
Broadly the new regime allowed considerable freedom in the tax relievable contributions to pension schemes and the assets in which they may be invested. It also, however, capped the size of tax-favoured pension funds that may be accumulated by an individual.
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