Tax Charges on Pension Savers Surge 22%: Is the Tapered Annual Allowance to Blame?
11 Articles
11 Articles
derwesten.de
thueringen24.deFor more and more pensioners, the tax office is becoming a topic. The taxable share of pensions has reached a new peak.
Pension tax SHOCK as HMRC rake in £672million from retirees in 'striking' raid
Fresh figures from HM Revenue & Customs (HMRC) reveal a sharp jump in the number of pension savers falling foul of the annual allowance, with 30,440 individuals reporting that they had exceeded their personalised limit in the 2024/25 tax year through self-assessment.That marks a 22 per cent rise from the 24,950 who breached the threshold in 2023/24. The total value of contributions above the allowance also climbed steeply, reaching £672million i…
Kreiszeitung
The 2026 pension increase becomes a tax trap: why the allowance does not grow and who has to pay from when.
Pensions annual allowance breaches jump 22%
The number of people who breached their pension annual allowance rose sharply last year, despite the standard allowance having been increased to £60,000 from £40,000 in 2023. HM Revenue & Customs figures showed that 30,440 individuals reported contributions exceeding their personalised annual allowance through self-assessment in 2024/25, up 22% from 24,950 people in 2023/24. The total value of contributions reported above the allowance also incr…
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