UK - Annuity experts have welcomed the government's decision to delay tax simplification until April 2006.
Product providers and advisers had warned they would not be ready by the original date of April 2005.
Open Annuities chief executive Ken Wrench said that some advisers were “thinking of telling their clients they would not be able to advise them because there just wasn’t enough time to become familiar with the new rules. This Budget has been very important for helping us”.
Annuity Bureau managing director Peter Quinton said the delay also meant the industry had longer to consult with the government. He said: “Some of the details need a little more thought, like people getting different treatment over their protected rights on annuities. Now we have time to lobby the government over it.”
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