Two Bills have recently been published in their final form, giving effect to the amendments announced in the Budget Speech last February. The most significant amendments relate to the decision to simplify the calculation of the taxable portion of lump sums from pension, provident and retirement annuity funds, and to reduce the tax burden on such sums. Most of the other amendments consist of minor changes to wording in several sections of and Schedules to the Act.
Retirement Lump Sums
The calculation of the taxable portion of lump sums from funds on retirement has been simplified and amended so that they are taxed less heavily than has hitherto been the case....
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