The Treasury has clawed back more than £600m from breaches of the annual and lifetime limits on pensions savings, according to estimates from Hargreaves Lansdown.
On Thursday (26 September), HM Revenue and Customs (HMRC) issued an update on some of its personal pension statistics that revealed more than 37,000 savers were hit with annual allowance charges in 2017/18 - double the number recorded in the previous year. HL estimated savers who breached the annual allowance paid £498m in tax charges in 2017/18, up from £335m the year before. HL's estimates assumed those who breached the annual allowance were 40%-rate taxpayers. Meanwhile, 4,550 pension savers were taxed for breaching the lifetime allowance (LTA), a 36% increase on the 3,350 individ...
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