New HMRC figures reveal dramatic surge in pension tax charges

clock • 2 min read

New figures released by HMRC today show more than 37,000 people were hit with annual allowance charges in 2017-18, twice the number recorded in the previous year. The figures reveal £173m has already been paid by over 10,000 savers in annual allowance charges in 2017-18, and a further 26,550 people have reported contributions worth £812m over the annual allowance through self-assessment which will be subject to a tax charge. In addition, HMRC says 4,550 people paid £185m in lifetime all...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login

Author spotlight

Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.