HMRC work under the assumption that pension providers and individual taxpayers will monitor how much of their lifetime allowance (LTA) they have used. They don’t track this themselves, which means the Tax Office do not [...]
During her speech, Her Majesty the Queen confirmed that “Measures will be brought forward to provide simpler oversight of pension savings.” This refers the Pension Dashboard part of the government’s Pensions Bill. After consistent campaigning [...]
HMRC’s recent data shows that pensioners have collectively been overcharged a total of £400 in the last four years. This shocking figure is a result of how the new pension rules, announced in the 2015 [...]
I have to pay tax on my pension? The short answer is, yes you do have to pay tax on your pension because some pension money is classed as taxable income. So, if your income [...]
New flat-rate pension plan will see millions paying more tax. It is thought that the Coalition’s new flat-rate state pension plan, set to start in 2017, may leave many paying hundreds of pounds more tax [...]
