A Sipp provider has won its legal battle with HMRC over in-specie contributions.
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.
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.
James Hay is fighting an HMRC charge of nearly £2million in connection with a probe into a non-standard investment.
Those of a certain vintage will remember the animated children’s TV programme, “Mr Benn”, where each episode featured the line, “and then – as if by magic – the shopkeeper appeared”.
Over 230,000 people have used the new pension freedoms introduced one year ago, new HMRC statistics have shown this morning.
The government will be sending personal tax summaries to 24m taxpayers annually from today.
The taxman has rubbished a report stating that many retirees will be "clobbered" with a 45% tax next April.
The government has advanced its pension thinking this month with the enactment of The Finance Act 2014, guidance on allowing new retirees access to next year's pension freedoms and its response to the consultation on those freedoms.
A crackdown on pensions liberation has led to HMRC rejecting 362 pension scheme applications in the last nine months.
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