UK: Deloitte Budget 2015 – Sale of Annuities

The measure
The Chancellor has announced proposals to enable individuals who have already purchased lifetime annuities with their pension funds to sell these for a lump sum, subject to agreement from their annuity provider (and the secondary annuitant in the case of a joint-life annuity). The lump sum could either be treated as pension income on receipt, and taxed at marginal rates rather than 55%, or could be used to provide a flexi-access drawdown fund, […]

By |March 18th, 2015|

Malta: Fiscal Implications On Aviation Operations

1. Introduction
Companies which are incorporated in Malta are deemed to be resident and domiciled in Malta and chargeable to tax on a world-wide basis, irrespective of where the income generating activitiy is carried out.

Companies which are incorporated outside of Malta but which establish their management and control in Malta are deemed to be resident but not domiciled in Malta and chargeable to tax on income and taxable capital gains arising in Malta and on […]

By |March 17th, 2015|

UK Pre-Election Budget – Ian Stewart, Chief Economist at Deloitte, looks ahead at Wednesday’s Budget statement

On Wednesday the Chancellor will deliver his sixth and final Budget of this Parliament. In many respects this is the pre-election Budget the Chancellor always hoped to be able to deliver.

Developments since the Autumn Statement in December have been overwhelmingly positive. The oil price has fallen, government bond yields have edged lower and prospects for growth in the UK and euro area have improved.

On Wednesday the Chancellor is likely to present a picture of […]

By |March 17th, 2015|