10/31/2019

Pension tax refunds reach £55m

Pension freedom rules mean those aged over 55 no longer have to purchase an annuity to access their pension income but can instead enter drawdown, take a cash amount or buy an annuity.

10/31/2019

Pension tax repayments top £54m

HMRC has handed back almost £55m to savers who had overpaid tax on pension withdrawals in the past three months, the highest figure since drawdown rules were relaxed

10/22/2019

Employers risk LTA protection breach

The lifetime allowance – the limit on the amount of money that can be saved in a pension without triggering a tax charge - currently stands at £1,055,000 and there are three fixed protections in place – one from 2012 at £1.8m; 2014

10/15/2019

HMRC collects £600m through tax probes

COP8 investigations, used by HMRC for complex cases where a taxpayer may have used an avoidance scheme or device to reduce tax liability, accounted for 43 per cent of the figure recovered in that period and COP9 cases