NAPF chief proposes end to tax-free nest eggs
Friday 03 May 1996
She told a packed meeting of delegates in Glasgow yesterday that a deal might be struck with the Government. She said that if fund managers were allowed to claim back the 25 per cent of advanced corporation tax (ACT), against the 20 per cent they claim at present, then the NAPF might give up its support for the tax-free lump sum paid when people take out their pensions.
Restoring ACT back to 25 per cent would enable pension fund managers to boost the value of dividends they receive on their investments by 6.25 per cent. But millions of members of schemes that link pensions paid out to years of service would be badly hit by the move.
The level of ACT that can be reclaimed from the Inland Revenue was reduced by Norman Lamont, then the Chancellor, in 1993. The move, announced in that year's budget, led to billions of pounds being wiped off the value of shares overnight.
- 1 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 4 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
- 5 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
Earthworms rain down from skies over Norway, puzzling scientists
18th century sex toy found in 'toilet of sword fighting school' in Poland
'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
Food banks: One million Britons will soon be using them, according to Trussell Trust
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...