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HMRC amends pension reclaim form

HMRC is to change the wording of one of its new tax forms for people reclaiming overpaid tax on pension withdrawals, after confusion over who could use it. Form 55 is to be updated because it currently implies it should only be used if “you’ve only taken one payment and do not intend to take […]

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Paul Lewis: How do you solve a problem like Maria?

She is Maria Sinclair, just 65 and she is happy. Pension freedom has begun. She has a pension pot, which she began some 25 years ago, and she believes it is worth quite a lot. In work, Maria never earned more than £18,000 a year. Her state pension amounts to £118.64 a week. She has […]

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Adrian Walker: Pension tax relief in the crosshairs

Pension tax relief has come under fire this month as the three main political parties unveiled their election manifestos. First to be revealed was the Labour plan to restrict tax relief for top-rate taxpayers (around 300,000 people) to the same level as basic-rate payers: i.e. 20 per cent. The cut would begin at £150,000, tapering […]

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