Expression of wish meaning

A-day 'A-day' is the widely used term for the broad pension tax 'simplification' reforms that began on 6 April 2006. The changes covered: how much pension contribution was allowed, the kinds of schemes an individual could invest in, the sums that could be taken (and when), and the choices available for any remaining fund. A-day also introduced the annual allowance and the (now abolished) lifetime allowance. See: Annual allowance and Lifetime allowance. AFPS AFPS: Armed forces pension scheme; see Practice Note: Public sector pensions and family proceedings. Accrual rate The speed at which pension benefits build as pensionable service is completed in a final salary scheme, eg 1/60 for each year of pensionable service. Accrued benefits The benefits earned in respect of service up to a specified date. Added years Extra pension provided by adding further years of pensionable service in a salary-related scheme. Such additional years are secured via transfer payments or through additional voluntary contributions/augmentation...

This Practice Note addresses the initial gateway within the controlled foreign company (CFC) rules. Where a company is a CFC for an accounting period and no entity-level exemptions apply, the CFC gateways determine whether, and to what degree, the CFC has chargeable profits. Typically, those entity-level exemptions are considered first, as several are easier to operate and can remove the entity from scope entirely. A CFC’s chargeable profits equal its assumed taxable total profits, calculated on the footing that: the CFC’s assumed total profits are confined to amounts that pass through the CFC charge gateway; and reliefs set against the assumed total profits are correspondingly restricted to mirror that cap For details on calculating a CFC charge, see Practice Note: CFC rules—calculating the CFC tax charge. Meaning of gateways The expression ‘gateway’ in the CFC regime can cause uncertainty. The core point is simple: if you wish to avoid a CFC charge, you should ensure profits do not pass through...

Accrual rate The speed at which pension entitlement builds as pensionable service is completed within a final salary arrangement, e.g. 1/60 for each year of pensionable service. Accrued benefits Benefits relating to service built up to a given date, measured with reference to current earnings or projected future pay. A-day ‘A-day’ is the widely used term for the broad pension tax ‘simplification’ reforms that came into force on 6 April 2006. These changes followed a 2004 government policy to rationalise the British tax system as it applied to pension schemes. The objective was to cut the volume of legislation accumulated under successive administrations, folding the previous eight tax regimes into a single regime for all personal and occupational pensions. Key areas covered included: how much pension contribution was allowed; the range of schemes an individual could invest in; how much an individual could withdraw (and when); and what could be done with the remaining fund. A-Day...