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ARTICLE · 27 DECEMBER 2017

What's Happening In Pensions - December 2017

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The Finance Bill has received Royal Assent and is the Finance (No.2) Act 2017. It includes the following pensions provisions, both of which have effect for the current (2017/18) and future tax years.

United KingdomEmployment and HR
Travers Smith LLP
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IN THIS ISSUE:

  • Finance (No. 2) Act) 2017: The latest Finance Act confirms the reduction of the money purchase annual allowance to £4,000 and the improved income tax exemption for employer-financed pensions advice, both from 6 April 2017.
  • VAT: HMRC will allow employers' currently permitted VAT recovery practices in relation to fees for services to DB pension schemes to continue indefinitely. It will, however, remove the VAT exemption for investment management services provided by insurers from 1 April 2019; and the High Court has ruled that EU law does not require HMRC to apply that exemption to the same services provided by non-insurers.
  • Money laundering regulations 2017: HMRC's position on the record-keeping and registration requirements of these regulations is becoming clearer. The first potentially applicable registration deadline is 5 January 2018.

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