Displaying items by tag: HMRC

Wednesday, 28 November 2018 11:55

Lisa Webster: Contribution refunds – what makes a genuine error?

Lisa Webster, Technical resources consultant

The basic premise on contributions made to pensions is that once the money has gone in, you can’t get it out again until you reach retirement age (or earlier ill health or death). There are very few circumstances when exceptions can be made, and if a refund is made other than as permitted by HMRC, then it would be classed as an unauthorised payment with charges totalling up to 70% of the amount refunded.

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Friday, 02 November 2018 11:20

Pension withdrawals soar as savers dip in to pots

HMRC figures suggest pension withdrawals are growing rapidly

Pension withdrawals continued to soar in the third quarter of 2018 leading to suggestions that some pensions savers are treating their pensions like bank accounts, dipping in to withdraw cash when they need it.

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Tuesday, 31 July 2018 16:00

Record £2.3bn withdrawn under Pension Freedoms

A record £2.3bn was taken out of pensions pots under Pension Freedoms rules in the second quarter of 2018, HMRC figures have revealed.

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Friday, 04 May 2018 11:10

Time to sort out pension withdrawal tax mess says Steve Webb

Royal London director of policy Steve Webb has called for an end to what he called the “absurd” way pension withdrawals are taxed.

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Wednesday, 18 April 2018 15:10

HMRC takes down inaccurate pension tax website

HMRC has taken down a web page, which allows users to check how much money they can put into a pension, after “blunders” were spotted by tax experts at Royal London.

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Friday, 16 March 2018 12:41

Sipp firm’s HMRC victory ‘not end of the story’

Sipp experts have warned that a provider’s legal triumph in its battle with HMRC over in specie contributions is “not the end of the story”.

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Thursday, 15 March 2018 13:47

Sipp provider wins legal battle with HMRC

A Sipp provider has won its legal battle with HMRC over in-specie contributions.

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Sipp

Wednesday, 31 January 2018 18:22

HMRC income withdrawal taxation 'out of control'

Royal London’s director of policy Steve Webb, a former pension minister, believes that HMRC is “out of control” when it comes to over-taxing savers using pensions income withdrawal or buying a second home.

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Friday, 08 September 2017 18:24

Criticism of 'nonsensical' cut to MPAA

The government has introduce a second finance bill today which will reinstate many of the changes delayed before the general election, including the MPAA cut which is back-dated to April.

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Tuesday, 09 May 2017 10:32