HM Revenue and Customs (HMRC) repaid a record amount in overpaid pensions tax in the three months from July to September this year, figures published yesterday (26 October) have shown.
In the latest in his series of monthly columns for Professional Pensions, Robin Ellison says it is probably OK to organise an industry demo outside HMRC offices protesting against the excesses of the new pensions taxation legislation.
HM Treasury should scrap or limit tax on pension withdrawals if the funds are to be used for care related purposes – including if they are to be used for an immediate needs annuity (INA) – the Association of British Insurers (ABI) says.
HM Revenue and Customs (HMRC) will refund more than £42 million in overpaid tax on flexible pension withdrawals in Q4 2021, with an average reclaim of £3,107 per saver, according to the government’s latest data.