HMRC have confirmed that they do not intend to change how they deduct tax on flexible pension drawdowns.
HMRC have concluded that they will not change the current process:
- 75% of the payment will be taxed, 25% will be tax-free
- Tax will be deducted using the Emergency PAYE code on a week 1 month 1 basis.
In a number of cases this will result in tax overpayments and refund requests. HMRC believe this is the most appropriate way of collecting the tax.
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