£30bn HMRC bombshell as millions more pensioners dragged into paying tax

Pension savers are tapping pots for record sums, reveals HMRC

Pension experts say the increase in taxable cash withdrawals could be down to more people retiring with defined contribution pots, but also cost-of-living pressures.

Pensioners paying billions more income tax in stealth raid

Amount paid by the elderly has jumped by £9bn in the last two years

£30bn HMRC bombshell as millions more pensioners dragged into paying tax

Millions more pensioners are paying income tax after frozen thresholds pushed HMRC's take to £29.8bn, while pension tax relief climbed above…

Latest IHT statistics show frozen thresholds are ‘a wealth tax by stealth’

Industry experts have voiced their concerns over HMRC’s latest statistics showing the amount raised by inheritance tax (IHT) hit another record high in 2023-24, rising 5% to £7.03bn. This £0.33bn increase is partly attributable to frozen tax thresholds and rising asset values. Although the number of estates that paid IHT in 2023/24 fell 3.6% to 30,400, the proportion of deaths resulting in a bill continued to rise, increasing slightly from 4.62%…