Pension freedoms over-taxation bill surpasses £1bn

Industry dubs latest HMRC figures ‘absolute disgrace’ as more than £1bn is repaid to savers

Holly Roach
clock • 2 min read
Pension freedoms over-taxation bill surpasses £1bn

HM Revenue & Customs (HMRC) has repaid more than £1bn in overpaid pensions tax since 2015, latest data reveals.

In its April 2023 pension schemes newsletter, HMRC said more than £48.5m was repaid to 15,856 people overtaxed on pension withdrawals in January, February, and March this year. The £48,550,827 r...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

LGPS contribution cut could save councils £3bn per year

LGPS contribution cut could save councils £3bn per year

LCP has called for a review of contributions to help protect councils’ financial positions

Holly Roach
clock 12 July 2024 • 1 min read
Professional Pensions: Stories of the week

Professional Pensions: Stories of the week

DWP appointments, Brookfield enters bulk annuity market, TPR evolves master trust supervision

Professional Pensions
clock 12 July 2024 • 1 min read
Railpen 'deeply disappointed' over final FCA listing rules

Railpen 'deeply disappointed' over final FCA listing rules

New rules remove the need for votes on significant or related party transactions

Holly Roach
clock 11 July 2024 • 3 min read
Trustpilot