Taxation

The number of people overtaxed on flexible pension withdrawals continues to soar, with latest HMRC figures showing rebates for the second quarter of this year were £8m higher than in the first...

More than one in two higher-rate taxpayers have restarted or boosted pension payments in light of the recent changes to the lifetime allowance (LTA), or says they plan to do so in...

The Labour Party has confirmed it would reinstate a lifetime allowance on pensions if it were to win the next election, reversing one of the key announcements in yesterday’s Budget. Speaking this...

The pensions industry has welcomed Jeremy Hunt’s shock decision to scrap the lifetime allowance on pensions, enabling people to save unlimited sums in these tax-efficient savings plans.  However, the Budget small print...

Jeremy Hunt has abolished the lifetime allowance in today’s Budget, as part of a range of measures designed to keep older employees in the workforce.  The lifetime allowance, which was previously just...

The chancellor looks set to significantly increase both the lifetime and annual pension allowances in tomorrow’s budget, in a bid to boost employment across older age groups.  It is being widely reported...

The government is extending the deadline for topping up state pension by three months, following a “surge” in demand for the service. At present consumers can make additional national insurance payments for...

Canada Life is calling for the chancellor to relax the pension annual allowance rules in the upcoming budget, saying current limits are creating a “tax trap” for millions of over 55s.  The...

One in four pension savers over 55 contributed more than £4,000 to their pensions in 2020/21, fuelling concerns about the potential for ‘mass breaches’ of the Money Purchase Annual Allowance (MPAA)  triggering...

HMRC repaid £134m in tax that was charged on pension withdrawals last year.  Although this figure is slightly down on the £142m repaid the year before, this high number shows that pension...