Tax Issues in Pensions

2 Part Course | Learn pension tax planning from a complete overview

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A one-day course presented in two half-day live webinars from 9:30am to 1:00pm UK time

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Download: Course Category Brochure | Course Outline

Part One

Annual allowance
- Measuring pension inputs in defined contribution (DC) and defined benefit (DB) schemes
- Restriction on AA for high earners, including Finance (No.2) Bill 2023 changes
- AA charge for excess pension inputs
- Electing for the scheme to pay the AA tax charge
  - Mandatory scheme pays
  - Voluntary scheme pays
  - FA 2021 changes
- Carrying forward unused allowance
Lifetime allowance (LTA)
- Effect of having claimed a version of ‘Fixed Protection’
- Effect of having claimed ‘Individual Protection’
- The LTA charge when the LTA is exceeded
- Implications of the abolition of the LTA, announced in March 2023 Budget
The options when accessing pension rights from DC schemes
- Flexi-access drawdown fund (FADF), which allows a 25% tax-free pension commencement lump sum
- Unsecured funds pension lump sum (UFPLS)
  - Understanding when only the latter will be available
- When the money purchase annual pension tax allowance of £10,000 applies
  - Effect of exceeding this reduced limit
- Pension recycling rules
  - Anti-avoidance rules which prevent a tax advantage from significant recycling of tax-free lump sums into new tax-relieved contributions
- Taxation of pension funds at death
  - Where the deceased is aged 75 or more
  - Where the deceased is aged under 75 and has not accessed all their benefits
  - The rules for accessing ‘small’ pension pots

Part Two

Self-invested personal pensions (SIPPs)
- Qualifying investments
- Updated guidance on in specie contributions
- Use in OMBs
- Case study on crystallising benefits where SIPP holds commercial property
Tax relief for employers
- When and how tax relief must be ‘spread’
Inheritance tax and pensions
- The various situations where pension rights come within the deceased’s estate
- Duties of personal representatives
- Case study
Qualifying Recognised Overseas Pension Schemes
- Definition
- Who might want to use them
- Transfers to QROPS
Retiring abroad
- Which jurisdiction has the taxing rights?
- Importance of tax treaty provisions
- Other practical issues (e.g. migrant member relief)
- The anti-avoidance affecting temporary non-residents

Our tax issues in pensions online course trainer is a Chartered Accountant who qualified with PwC in 1988, spending his last 18 months there in the Tax department. In 1989 he joined a leading financial training company as a tax tutor. Since 1992, he has been self-employed as a Professional Tutor and Training Consultant, specialising in tax update courses for accountants, lawyers and investment managers.

Our trainer has been teaching in the financial services industry since 1994 and writes regularly for Tax Insider.

To understand the types of pension schemes available.
To understand the tax relief available for both companies and individuals.
To appreciate when pension tax relief is restricted.
To be aware of the options when taking benefits and to understand the associated tax consequences.
To understand the implications arising from the abolition of the pension Lifetime Allowance charge, announced in the March 2023 Budget.
To be aware of the main pension tax issues to consider when retiring abroad.

This tax issues in pensions online course covers all the key aspects of the tax rules for pensions.
Several numerical examples are included to help delegates understand the impact of the rules.
The trainer is a Chartered Accountant who has over 30 years of experience in tax training and also has taught courses leading to qualifications of bodies such as the CII.

The tax rules for pensions have changed several times in recent years, particularly concerning the amount of tax-relieved annual pension inputs permitted and the maximum pension rights that can be built up before retirement. The Taxation of Pensions Act 2014 greatly increased the options when accessing benefits from money purchase schemes. This new flexibility also produced various new complications and traps of which advisors should be aware.

This tax issues in pensions webinar will explain all the key issues associated with the taxation of pensions and, with the aid of numerical examples, demonstrate their practical impact. No previous tax knowledge will be assumed.

The course exceeded my expectations. I expected it to be highly technical and probably far beyond my knowledge but I felt it was digestible and helped understanding the basics of pensions from the perspective of UK taxes.
Was a good general refresher on pensions and the issues encountered on a daily basis.

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(min. 50 participants)