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Oldham News | Main News | More than 63,000 file Self Assessment on first day of tax year

OTS Capital Gains Tax Review: Simplifying practical, technical and administrative issues

More than 63,500 file Self Assessment on first day of tax year

More than 63,500 file Self Assessment on first day of tax year MORE than 63,500 customers filed their 2020/21 tax return online on 6 April, HM Revenue and Customs (HMRC) has revealed. And with almost 950,000 online Self Assessment returns received so far this tax year, HMRC is urging others to do the same and file their tax returns early. Each year, thousands of people choose to file early, as soon as one tax year ends and the new one starts. HMRC has seen a growing trend in early filers. In the last five tax years, the number of customers choosing to file on the first day of the new tax year has almost trebled from 22,885 in 2017 to 63,521 in 2021.

PTM081000 - Pensions Tax Manual - HMRC internal manual

Regulations 14 and 15 The Registered Pension Schemes (Provision of Information) Regulations 2006 - SI 2006/567 The Registered Pension Schemes (Accounting and Assessment) Regulations 2005 - SI 2005/3454 The Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006 - SI 2006/131 The lifetime allowance There is no limit on the total amount of authorised benefits a registered pension scheme can provide to its members. However, an individual has a single lifetime allowance in relation to the value of tax-privileged benefits they can draw from such schemes - the value of any authorised benefits paid out in excess of their allowance is subject to a tax charge known as the lifetime allowance charge. This applies to all types of registered pension schemes equally.

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