All HM Revenue & Customs (HMRC) articles
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In DepthIn Depth: Rachel Reeves faces difficult Budget balancing act
Experts warn the government may be weighing up reforms to pensions taxation, with each option carrying major implications for savers and the Treasury alike. Sara Benwell reports on the various rumours and how they might be received.
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OpinionThe crucial role of trustees as HMRC delays tax relief top-up payments
Trustees, especially member-nominated trustees, will be crucial in communicating the effects of a recent government decision on tax relief top-up payments, writes Kate Upcraft of the Association of Member Nominated Trustees.
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NewsAdministrators spared as HMRC adjusts IHT plans, but industry warns problems remain
Death in service benefits are excluded and reporting will not be the responsibility of administrators, according to HMRC’s draft legislation for changes to inheritance tax rules.
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NewsPLSA: Don’t make pension schemes carry inheritance tax burden
Plans to charge inheritance tax on unused retirement pots risk turning pension schemes into tax administrators and creating unnecessary distress for bereaved families, according to the Pensions and Lifetime Savings Association.
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NewsHMRC moves to address pension tax overpayment issue
HM Revenue & Customs (HMRC) is to refund £49.5m in overpaid tax to people who withdrew cash from their pension pots in the last three months of 2024.
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NewsSPP labels inheritance tax payment proposals ‘very problematic’
Requiring pension scheme administrators and trustees to take responsibility for inheritance tax payments could cause problems, according to the SPP - and there are viable alternatives.
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NewsACA demands HMRC have LTA abolition rules ready by October
The Association of Consulting Actuaries (ACA) has called on HMRC to have put in place the rules to abolish the lifetime allowance (LTA) by October.
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NewsACA: HMRC must give greater clarity to avoid "pensions limbo" for DB schemes and members
The pensions industry requires greater clarity from government departments, if defined benefit (DB) schemes and members are not to find themselves in a “tax limbo”, warned the Association of Consulting Actuaries (ACA) this morning.
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NewsDeath tax: Government urged to clarify pension rules
The government has announced it is consulting around changes to the way pensions are taxed after death, but pension industry experts are arguing that the move makes little sense.
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OpinionDeath tax: Another day, another back door charge?
If you are going to scrap a tax, scrap it, says Pensions Expert.
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NewsCalls for pension tax overhaul as HMRC refunds over £56m in overpayments
Figures released by HMRC show that pension savers were refunded £56,243,842 in overpaid tax during the second quarter of 2023 alone.
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NewsPublic sector pension statements’ deadline delayed
On the go: The government intends to delay the deadline for the issuance of pension savings statements covering the 2022-23 period by a year to October 2024 in certain public sector schemes, as part of the tax remedy to an age discrimination case.
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NewsCost of living crisis fuels enquiries on amending contributions
On the go: One in five of the pension schemes surveyed by the Pensions and Lifetime Savings Association have received enquiries from savers about reducing or stopping their pension contributions.
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NewsSelf-assessment pension trials results expected in summer
On the go: The results of a trial to boost retirement savings for the self-employed, involving the existing self-assessment tax system, will be published in summer, a Treasury minister has revealed.
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OpinionFive years on the ‘pensions horse’, is Opperman winning the race?
Almost five years have passed since Guy Opperman assumed the role of pensions minister, which we all know he asked for. What we can hope is that after all these years he knows what a guaranteed minimum pension is.
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NewsHMRC discretion on scam victims’ tax bills not justifiable, says minister
John Glen, economic secretary to the Treasury, has argued there is “no justifiable basis” for HM Revenue & Customs to use its discretion when assessing the tax treatment of pension liberation victims.
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NewsPension net pay top-ups to begin by 2026-27
On the go: The first top-ups for individuals making pension contributions to net pay schemes will be provided by the government by the 2026-27 tax year, the Treasury has confirmed.
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NewsTimms probes Treasury on tax charges to pension scam victims
On the go: Work and Pensions Committee chair Stephen Timms has written to HM Treasury asking for “clarity” on the tax treatment of pension liberation victims.
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NewsPensions allowance tax charges hit record highs
On the go: The number of savers breaching annual and lifetime allowance limits reached new records in 2019-20, according to figures from HM Revenue & Customs.
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NewsPensions industry fires back at Opperman criticism
Stalwarts of the pensions world have responded to pensions minister Guy Opperman’s suggestion that the industry lacks long-term vision.