The reduction of the withdrawal tax rate from 55% to an individual's marginal income tax rate will increase tax income by £1.2bn a year by 2019, Budget documents show.
From April 2015, the government plans to allow anyone over the age of 55 to take their entire pensions pot as cash, subject to their marginal rate of income tax in that year. But it said the change...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date
