HMRC reveals 25% fall in people breaching annual allowance limit

HMRC has today (28 September) published figures for the amounts raised through AA charges - the standard rate of which is £40,000 per year since April 2014 - though some individuals will have a lower annual limit, particularly those on higher incomes. The government data provided two different ways of reporting the actual AA charges namely, either through self-assessment or through scheme accounting for tax (AFT) returns. It said the revenue from ‘scheme pays' charges and the tax due on contributions/accrual above the AA both fell in 2020/21, with the tax charges covered by ‘scheme pa...