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Report from the third and fourth sittings of the public bill committee’s debate of the Finance Bill.
KEY POINTS:
- Pension death benefits to be taxed at the recipient’s marginal rate.
- Private landlords’ finance costs will be relieved at 20%.
- Changes to enterprise investment scheme relief.
After a break for the political party conference season the public bill committee resumed its examination of the Finance Bill on 13 October.
David Gauke financial secretary to the Treasury introduced clauses 21 and 22 on the taxation of pension death benefits. He said they would reduce to the recipient’s marginal rate the 45% tax on lump sums payable from a pension of individuals who die aged 75 or over. This would ensure that taxable pension benefits were taxed in the same way whether they were received as a lump sum or an income stream.
Rob Marris (Labour) was uneasy about the clauses....
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