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ARTICLE · 07 AUGUST 2020

The Pensions Brief: July 2020

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On 21 July 2020, HM Treasury and HMRC published draft legislation for the Finance Bill 2021.

United KingdomEmployment and HR
Ian Wright
Ian Wright
Jay Doraisamy
Jay Doraisamy
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Issues affecting all schemes

Draft Finance Bill 2021

On 21 July 2020, HM Treasury and HMRC published draft legislation for the Finance Bill 2021.

The key pensions aspect of the draft legislation addresses collective money purchase schemes and, in particular, proposes amendments to the Finance Act 2004 to enable collective money purchase schemes to operate as registered pension schemes

The proposed changes to the Finance Act 2004 intend to reflect the unique status of collective money purchase benefits and arrangements, which are not currently reflected in the existing benefit categories under the Finance Act 2004.

The technical consultation on the draft legislation will run until 15 September 2020, with the intention that the Finance Bill 2021 will be introduced into Parliament in the following autumn Budget.

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