Tuesday was Tax Day, a new concept to me. It’s neither, apparently, another Budget nor an autumn statement in Spring. More, it turns out, some thoughts about stuff it might be a good idea to do. All the same rumours abounded, relief on pensions to go, CGT overhauls, none, again, materialised. Instead, consultations, discussion documents and calls for evidence were announced, mostly about ‘improving and simplifying administration’ and the old chestnut of ‘tackling avoidance’. So what was all the fuss about? I can feel a conspiracy theory brewing…
“HMRC scraps plans to tax pensions after death”
A couple of other Statement Highlights (in my world, anyway). A welcome ‘nothing happened’ on the treatment of pensions on death. They were never going to be liable to IHT (too complicated with trusts and trust law) but there was talk of making them income-taxable on the recipients at whatever age you die.
