Displaying items by tag: Tax

Pension savers have reclaimed £693m in overpaid pension tax since pension freedoms were introduced in April 2015.

Over 120,000 SIPP and SSAS savers may be owed compensation of up to £80,000 each due to errors in relation to property transfers, according to Cornerstone Tax.

Former Pensions Minister Steve Webb has urged the Treasury to scrap or relax rules which will limit people’s ability to ‘rebuild’ their pensions when the Coronavirus crisis ends.

Seven Investment Management has bolted on a tailored drawdown option for its SIPP designed to give better control of tax liabilities and income.

The Financial Conduct Authority (FCA) is concerned about how pension freedoms are impacting consumers and quite rightly so, especially with regards to those accessing their retirement savings and not taking advice, putting them at risk of running out of money, or worse, being scammed.

Before you think you are reading an old article, I am of course referring to the start of the new tax year. 

HMRC has won a £40m legal case against tax avoidance scheme promoter Hyrax Resourcing Ltd.

Shock revelations, brought to light under the Freedom of Information Act, have suggested more than 100,000 pension savers could be hit with six-figure tax bills following tiny uplifts to their pension.

So it was with bated breath that Chancellor Philip Hammond stood to deliver his November Budget speech. Rumours has been swirling for weeks that pensions could be hit with changes to taxation. It was suggested that this would be to pay towards the NHS deficit among other things. It was with great relief that when he sat down and we reviewed the actual Budget papers that this was all just speculation and there was little impact. This can only be a good thing as any meddling impacts the distrust that consumers have for the pensions system and makes it difficult for advisers to plan for the long term with clients. How many times have we heard that PCLS or tax-free cash as it is more commonly known will be scrapped? Every Budget for as long as I can remember.

On Valentine’s Day this year I received not only a lovely card and flowers from my husband, but also an email from my financial adviser about a new specialist divorce service they were offering.