David Gauke, Exchequer Secretary to the Treasury, has today announced a change in legislation to prevent tax avoidance. The measure will prevent individuals from taking advantage of a tax loophole that would have emerged today had the Government not taken action.
The measure will close an unintended tax loophole for UK residents transferring pension savings overseas. Further details can be found on HMRC’s website.
Legislation, which will have effect from today, will be introduced in Finance (No.3) Bill.
Exchequer Secretary to the Treasury, David Gauke MP said:
The Government has set out a clear strategy on preventing tax avoidance. We will not hesitate to take action to stop those who seek to take unfair advantage of unintended tax loopholes. Today’s measure demonstrates our commitment to act quickly to close these.
Notes for editors
More details on this change can be found on the HMRC website.
A Written Ministerial Statement confirming this measure will be made at the first opportunity following Parliamentary recess.
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