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Furthermore, those of us who have been wise enough and fortunate enough to be able to contribute to a personal pension plan have found private pension funds have been robbed of at least pounds 100 billion by Gordon Brown in his now infamous removal of Advanced Corporation Tax Relief on dividends received by pension funds.
Brewin Dolphiun said: "This means that 60 per cent of British people have made no revisions in their pension arrangements in the ten years since Advanced Corporation Tax credits were abolished.
Jan Hendrik Kool had caused his company to trade to the detriment of the Inland Revenue by paying himself and his wife dividends in excess of profits without regard to the advanced corporation tax due on payment of the dividends and the corporation tax affairs of the company generally.
The companies are going to see Advanced Corporation Tax abolished in April, and this is very likely to encourage further buying back of shares.
The United Kingdom will be able to keep its advanced corporation tax so long as a tax credit is given since the directive does not cover an advanced payment of corporation tax by the subsidiary.
The deferral of the dividend payment until the next fiscal year will produce a saving in Advanced Corporation Tax of around 10 million pounds ($17 million).
And the findings revealed a further 19 per cent of Britons were aware that Mr Brown had removed the Advanced Corporation Tax credit, but had no idea of the impact on the value of their pension fund.
The abolition of Advanced Corporation Tax had a pounds 5 billion per year sting in the tail for pension funds and this has undoubtedly played its part in the well-documented pensions crisis.