Draft Finance Bill 2016 Clause 37-39 Income Tax: treatment of income from sporting testimonials - CIOT comment

6 Jul 2017

As part of the reduction to the LTA the government is also introducing two transitional protections for individuals with combined pension funds in excess of the reduced LTA (these are in additional to the transitional protections provided each time the LTA has previously been reduced). The CIOT is concerned that these transitional protections may not work as intended and has sought clarification regarding the use of ‚ at any/the particular time‚ in the legislation.

Legislation to effect the LTA reduction and introduce the transitional protections is expected to be included in Finance Bill 2016.

Technical Team