17.12.2015
Pensioners will be able to sell annuities from April 2017
Pensioners will be able to convert their income for life to a capital sum. This is a very welcome measure.
The government estimates that around five million people have bought annuities, and that they receive a total income of £13bn a year.
Currently, it is possible to sell an annuity, but a tax charge of between 55% and 70% makes it an impractical option for most people.But among the proposed changes, individuals who receive a lump sum from selling their annuity will only pay tax at their highest marginal income tax rate.”