HMRC U-turns on pension death payments revamp
UK taxman has returned to its previous approach following industry concerns
HMRC
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Pension death payments to beneficiaries could be delayed, says Quilter
Following an ‘innocuous’ change in process from HMRC
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Trustee firm loses appeal against tax charges on Ark pension schemes
Decision will result in ‘significant tax consequences’ for members
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HMRC opened 25 tax fraud investigations into HNWs in 2022
UK government ‘is likely to continue to invest in this high-end form of tax enforcement’
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HMRC hands lifeline to Brits with LTA protection
AJ Bell says abolishing the lifetime allowance ‘comes with a nasty sting in the tail’ for others
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Are VCTs a useful tool for advisers?
They have been labelled the ‘next sensible step in tax management’
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Pension tax refunds fall to £134m in 2022
Total value of overpayments since pension freedoms nears £1bn
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Over 1 million Brits to be dragged into higher tax bands by 2027
Clients encouraged to make more efficient use of allowances
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Cost of pension tax relief surpassed £50bn in 2021-22
But this should not become a justification for cuts
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Interest on overdue IHT payments soars to 6%
It has more than doubled in a year
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Cost-of-living crisis triggers 23% surge in taxable pension withdrawals
£3.6bn was taken in the first quarter of this financial year
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HMRC to rake in £1.7bn from Autumn Statement tax avoidance crackdown
Investigations are an ‘open door’ the Treasury can continue to push