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Annuity Tax Review

EDM number 2484 in 2007-08, proposed by Eddie McGrady on 12/11/2008.
Categorised under the topics of Pensions and Taxation.

That this House, particularly in view of the current deterioration of pension funds, is deeply concerned by the prospect that those who do not take a full annuity before the age of 75 years would pay tax at 82 per cent. of residual funds based on tax charges of an unauthorised payments charge of 40 per cent., an unauthorised payments surcharge of 15 per cent., a scheme sanction charge of 15 per cent., a possible 40 per cent. inheritance tax charge on the remaining 30 per cent. of the fund, leaving a balance of just 18 per cent. of that part of the original fund; and calls upon the Government immediately to consider legislation to alleviate this exorbitant tax situation.

This motion has been signed by a total of 16 MPs.

Eddie McGrady12/11/2008South DownSocial Democratic and Labour PartyProposed
Mark Durkan12/11/2008FoyleSocial Democratic and Labour PartySeconded
Bob Spink12/11/2008Castle PointUKIPSeconded
Peter Bottomley13/11/2008Worthing WestConservativeSeconded
David Drew13/11/2008StroudLabourSeconded
Nicholas Winterton13/11/2008MacclesfieldConservativeSeconded
Ann Winterton13/11/2008CongletonConservativeSigned
Glenda Jackson17/11/2008Hampstead and HighgateLabourSigned
Jim Devine17/11/2008LivingstonLabourSigned
Gregory Campbell18/11/2008East LondonderryDUPSigned
David Simpson19/11/2008Upper BannDUPSigned
William McCrea19/11/2008South AntrimDUPSigned
Ian Paisley19/11/2008North AntrimDUPSigned
Phil Willis19/11/2008Harrogate and KnaresboroughLiberal DemocratSigned
Brian Jenkins20/11/2008TamworthLabourSigned
John McDonnell24/11/2008Hayes and HarlingtonLabourSigned

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