Taxing the Tax Free Lump Sum ?

K

Kaisersosa

Guest
There are rumours out there at the moment about the government about to tax a members tax free lump sum at retirement.
I am confused is not a contradiction ?
Should someone retire now if they thinking of it to be covered under the current legislation?
Any other rumours as to what they may do this month?

kaisersosa
 
There is talk that they'll apply a tax of 17.5% to the lump sum - I do think they'll do something to it
 
Whilst it would normally make sense to implement the change immediately, in this case deferring the implementation to say July might be used as a carrot to encourage some Civil/Public Servants to retire early.
 
Conan said:
Whilst it would normally make sense to implement the change immediately, in this case deferring the implementation to say July might be used as a carrot to encourage some Civil/Public Servants to retire early.
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It has been mentioned to my husband that it takes 90 days approx. to introduce this type of tax legislation and that this would most likely date from the date of the budget. Any views on this? If it is true it would give Pension Administrators a bit of leeway and let anyone retiring/thinking of get their head around the whole thing.
 
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