“Savers face ‘huge’ tax bills as HMRC warns of errors”

Dec 3, 2019 | Tax

Tags: HMRC

Tax owed by doctors and, we now hear military top and middle brass, who’s notional pension payments have taken them over the mad annual allowance cap, is much easier to collect. They might be well paid, but don’t generally have swanky second homes in tax havens. Thing is even those running these pension schemes don’t really understand the problem so haven’t told the members there’s a problem. And neither did or do those who came up with the rules who’ll soon (with any luck) be long gone.

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“HMRC scraps plans to tax pensions after death”

“HMRC scraps plans to tax pensions after death”

A couple of other Statement Highlights (in my world, anyway). A welcome ‘nothing happened’ on the treatment of pensions on death. They were never going to be liable to IHT (too complicated with trusts and trust law) but there was talk of making them income-taxable on the recipients at whatever age you die.

“Raising IHT threshold could cost government £6bn”

“Raising IHT threshold could cost government £6bn”

Well, the lesson of this week in politics must be to expect the unexpected. Or, alternative interpretation, to expect more of the same. The speculation on the future of Inheritance Tax has switched from abolition to a rise in the amount of wealth you can have before the 40% payment hits.