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HMRC’s Pension schemes newsletter no 166 confirms plan to improve tax code system
United Kingdom | Publication | January 2025
One of the items in the latest Pension Schemes Newsletter confirms improvements to the system for tax coding in paying private pensions with effect from April 2025.
HMRC said it will act much more quickly to replace emergency tax codes with regular tax codes on newly paid pensions which will ensure that the correct amount of tax is deducted.
For many years, pension savers have been overtaxed and have had to jump through hoops to claim back their own money. The new system should mean that many more people are quickly moved on to the correct tax code and no longer end up with an overpayment of tax.
This is good news for those taking regular income from income drawdown, but the problem has not been resolved for those taking lump sums.
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