Pension savers recoup record amount of overpaid income tax

Hope William-Smith
clock • 1 min read

HM Revenue and Customs (HMRC) paid back over £54m in tax on pension withdrawals during the three months to 30 September – the highest quarterly amount since the introduction of Freedom and Choice in 2015.

Under current tax rules, HMRC works under a hypothesised assumption of how many pension withdrawals will be made per person per financial year. While many savers access their pension just for a ...

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Hope William-Smith
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Hope William-Smith

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