Autumn Statement - Analysis
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Secondary Market for Annuities:<br />
The Chancellor has confirmed that the<br />
Government will “remove the barriers” to<br />
creating a secondary market for annuities,<br />
allowing individuals to sell their annuity<br />
income stream. Advisors will be aware that<br />
this is a necessary move, in light of the<br />
decreasing regulations over access to<br />
pension funds. However, few details have<br />
yet been provided – further details on this<br />
measure will be provided in December, in<br />
the Government’s response to the<br />
consultation.<br />
Inheritance tax and undrawn<br />
pension funds:<br />
The Government will legislate to ensure a<br />
charge to inheritance tax will not arise<br />
when a pension scheme member<br />
designates funds for drawdown but does<br />
not draw all of the funds before death, to<br />
be introduced in the Finance Bill 2016.<br />
ISAs:<br />
The Government will maintain the ISA,<br />
Junior ISA and Child Trust Fund annual<br />
subscription limits at their current level for<br />
2016-17. In addition, the list of qualifying<br />
investments for the new Innovative Finance<br />
ISA will be extended in autumn 2016 to<br />
include debt securities offered via<br />
crowdfunding platforms. This represents<br />
some forward thinking on behalf of the<br />
Revenue, as the popularity of Peer-to-Peer<br />
lending platforms as an investment<br />
opportunity continues to grow in the<br />
marketplace.<br />
9
Change language