Displaying items by tag: HMRC

Pension savers withdrew £9.4bn flexibly using the Pension Freedoms in 2020, new HMRC data reveals.

It seems as if the SIPP sector has been waiting for the judgments on a number of court cases in recent years. As we get clarity on one, we still await another and these can have implications for not only how a SIPP firm operates, but on advisers and their clients.

HMRC has reported that £2.3bn was withdrawn from pensions flexibly in Q2 - a 17% fall year-on-year from the £2.8 billion seen in Q2 2019.

The recent judgment in the HMRC v SIPPchoice case, published in May, was in relation to tax relief on in-specie contributions. This case has been ongoing for a number of years and it would appear that we finally have resolution.

The Government is to include financial advisers in its sweeping review of the tax advice market.

It may have escaped your notice but the end of February marks the 30th anniversary of the first SIPP being established.

HMRC says that a ‘record breaking’ 11.1m taxpayers beat the 31 January tax return deadline but 958,000 still missed the cut off date.