The Finance Act 2004 contains the primary legislation for simplifying the taxation of pensions, which will take effect from 6 April 2006. The Inland Revenue has launched a formal consultation period on the draft regulations which were previously published with the Finance Bill. The 18 separate sets of Regulations have been updated in accordance with the final form of the Finance Act. These regulations contain the detail of how the simplified regime will operate and comments are welcomed by 5 November 2004.

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Source: www.inlandrevenue.gov.uk/pensionschemes/tax-simplification/index.htm