HM Revenue & Customs

The Office for Tax Simplification has urged HM Revenue & Customs to review the usage of emergency tax codes for lump sum pension withdrawals.

HMRC figures published on Friday suggest almost £17.5bn has been flexibly withdrawn since the inception of pension freedoms, but that figure is not reflective of 'the bigger picture', according to one industry expert.

Total of £15.7bn accessed flexibly

The estimated cost of pensions tax relief for employees to the government is expected to hit £24bn in this tax year, according to government data.

HM Revenue and Customs (HMRC) has published an internal manual on how value-added tax (VAT) should be calculated for defined benefit (DB) occupational pension schemes.

HM Revenue and Customs (HMRC) paid out £37m in overpaid tax to pension freedoms users in the third quarter of the year, its quarterly figures have revealed.

Just under 200,000 people accessed their pensions using Freedom and Choice in the third quarter of the year, HM Revenue and Customs figures have revealed.

A rise in pensioner incomes and the freezing of pensioner tax-free allowance mean one in five taxpayers are now over the age of 65, Royal London says.

More than 10,000 counts of tax overpayment relating to pension freedoms have led to a £26.8m bill for HM Revenue & Customs (HMRC), latest data has revealed.

Average amount accessed per person continues to fall