Initial reactions to the Budget seem to have been positive – but some of the shine seems to have gone as people have reflected. However Bingo Hall owners – who will pay lower duties – are still enthusiastic
We were pleased that the market for off-the-peg scheme with no commercial purpose is being made more difficult. If you buy a scheme now then you will still have to pay the tax – and can only claim it back if you win your case. This is in addition to the rules announced earlier that if a test case on an existing scheme is won by HMRC then the other purchasers of the scheme have to pay the tax. Many of the firms pushing such schemes are going into liquidation. We are advising some people who bought into such schemes and have now been left high and dry.
Major changes to pensions will have a fundamental effect on the way people can access the savings in their retirement. We will be posting on this later.
