{"id":7105,"date":"2023-04-29T16:02:19","date_gmt":"2023-04-29T15:02:19","guid":{"rendered":"https:\/\/www.pjamesfs.com\/?p=7105"},"modified":"2023-04-29T16:08:10","modified_gmt":"2023-04-29T15:08:10","slug":"hmrc-repays-sky-high-uk-pension-emergency-tax-as-total-bill-tops-1bn","status":"publish","type":"post","link":"https:\/\/www.pjamesfs.com\/hmrc-repays-sky-high-uk-pension-emergency-tax-as-total-bill-tops-1bn\/","title":{"rendered":"&#8220;HMRC repays &#8216;sky high&#8217; UK pension emergency tax as total bill tops \u00a31bn&#8221;"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">This annoys a lot of people, and we, as the messenger, often get the blame. Taking a one-off, taxable withdrawal from your pension, having used up all of your tax-free cash is not a great idea, unless you\u2019re a non-taxpayer using up your tax allowance. If you\u2019re a basic rate taxpayer, it\u2019s usually cheaper to borrow it over 5 years. But whatever your tax rate, the pension provider has to assume that your one-off payment is the first of a series, and tax you at emergency rates. It\u2019s up to you to then claim back any overpayment, a pain for both you and, you\u2019d think, HMRC. That\u2019s been the system, however, since pension freedoms were introduced several years ago, and it doesn\u2019t seem they\u2019re inclined to change it. The cynical may say that it artificially boots the tax-take in the short-term, making the books look rather more balanced than they actually are. I couldn\u2019t possibly comment.<\/span><\/p>\n<p><a href=\"https:\/\/www.internationalinvestment.net\/news\/4112848\/hmrc-repays-sky-uk-pension-emergency-tax-total-tops-gbp1bn\" target=\"_blank\" rel=\"noopener noreferrer\">Read more here<\/a><\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This annoys a lot of people, and we, as the messenger, often get the blame. Taking a one-off, taxable withdrawal from your pension, having used up all of your tax-free cash is not a great idea&#8230;<\/p>\n","protected":false},"author":1,"featured_media":7107,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[70],"tags":[67,85],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.pjamesfs.com\/wp-json\/wp\/v2\/posts\/7105"}],"collection":[{"href":"https:\/\/www.pjamesfs.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pjamesfs.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pjamesfs.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pjamesfs.com\/wp-json\/wp\/v2\/comments?post=7105"}],"version-history":[{"count":0,"href":"https:\/\/www.pjamesfs.com\/wp-json\/wp\/v2\/posts\/7105\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pjamesfs.com\/wp-json\/wp\/v2\/media\/7107"}],"wp:attachment":[{"href":"https:\/\/www.pjamesfs.com\/wp-json\/wp\/v2\/media?parent=7105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pjamesfs.com\/wp-json\/wp\/v2\/categories?post=7105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pjamesfs.com\/wp-json\/wp\/v2\/tags?post=7105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}