Tax Restrictions

Tax Restrictions

FT Adviser reports “More than a million individuals over the age of 55 have been caught by tax restrictions after accessing their pensions, according to new research. In a freedom of information (FOI) request from Just Group, HM Revenue & Customs (HMRC) revealed that 980,000 individuals took a flexible payment for the first time from their pension between April 2015 and the end of September 2018.

This means at an average of 70,000 people each quarter, the total to date will exceed one million, Just Group stated.  Tax relief is normally given on pension contributions of up to £40,000 a year but once a saver withdraws from their pension, they become subject to the Money Purchase Annual Allowance (MPAA), currently set at £4,000 a year.  Read more  

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