Pension Flexibility statistics released by HMRC show that between July and September the tax office refunded £44,659,174 to people who were over-taxed when accessing their pension.
While it may sound as though HMRC has made the overcharges by mistake, the truth is that this is how the system has been set up to work – even though this should have been amended some time ago. While the Government has confirmed its intention to invest in improving the way in which it administers pension tax reliefs, we can only hope that they will also look to improve their systems.
For practical advice on the best approach to planning for retirement and mitigating inheritance tax, contact your usual Beavis Morgan Partner or email info@beavismorgan.com.
We will review your individual situation including your property assets and provide the right advice to help you make informed decisions. If necessary, we can also introduce you to our Beavis Morgan group business Integrity 365, where an Independent Financial Adviser will assess your situation and advise on the pension protections best suited to you.