Written question asked by Cathy Jamieson (Labour) on Monday, 23 March 2015, in the House of Commons. It was due for an answer on Thursday, 26 March 2015 (named day). It was answered by Andrea Leadsom (Conservative) on Thursday, 26 March 2015 on behalf of the Treasury.
Annuities
- Question
-
To ask Mr Chancellor of the Exchequer, with reference to the figures in table 2.1 of Budget 2015 on a secondary market in annuities, for what reason income tax revenue is projected to fall by £130 million in 2018-19 and £120 million in 2019-20.
- Answer
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From April 2016, the government will change the tax rules to allow people who are already receiving income from an annuity to assign that income to a third party, subject to agreement from their annuity provider. The proceeds of the assignment could then be taken directly or drawn down over a number of years, and would be taxed at their marginal rate, in the same way as those taking their pension after April 2015.
Details of how the costs of this measure have been calculated including the number of annuities that could be assigned can be found in the Budget 2015 Policy Costings document here:
Secondary information
- Type
- Written question
- Reference
- 228658
- Session
- 2014-15
- Grouped for answer
- Yes
- Subjects
- Annuities
- Link
- View this Written question on www.parliament.uk
Librarians' tools
- Timestamp
- 2015-03-26 09:36:14 +0000
- URI
- http://data.parliament.uk/writtenparliamentaryquestion/commons/2014-15/228658
- In Indexing
- http://indexing.parliament.uk/Content/Edit/1?uri=http://data.parliament.uk/writtenparliamentaryquestion/commons/2014-15/228658
- In Solr
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