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HMRC takes down flawed pension tax calculator

Tax thumbnailHM Revenue and Customs has taken down its online tax calculator which had displayed wrong information about the amount of money that could be put into pensions.

Royal London flagged the faulty tax calculator earlier this week, noting stories from one customer who has been led to believe he was limited to £10,000 in pension contributions for 2018/19, when the correct figure was around £35,000.

HMRC has now acknowledged that the calculator was “not working fully” for customers, but that “no one uses this service until the end of the year.”

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A spokesman says: “We are sorry that the calculator was not working as it should in some cases. The calculator is no longer available as it is being updated.”

“There have only been a few dozen users, we tried to update it while it was still available but took it down, when we could not do so.”

The faulty calculator had been showing less annual allowance than is due since 6 April.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. I’ glad I have an accountant to work out my tax!

    • This isn’t really about tax, its about the money purchase annual allowance, which is actually £4k, not £10k.

      I’m not totally sure every Accountant knows a great deal about it to be honest…

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