HMRC Is Shite

HMRC Is Shite
Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.

Tuesday, 6 July 2010

U Turn

WTF
In May I noted that HMRC's stance on pension drawdowns for those aged 50-54 was "illogical".

HMRC had viewed transfers of drawdown funds from one pension provider to another as "unrecognised", and liable to a maximum 55% charge.

Now HMRC have done a full U turn, and issued the following statement:

"The Government intends to bring forward regulations to remove the unauthorised payments tax charge where an individual aged 50 and over but under 55 transfers their pension in payment to another pension provider."

Changes will be backdated to cover transfers on or after 06 April 2010, when the minimum pension age change became effective.

All of this fuss could have been avoided, if HMRC had listened to the advice given by finance professionals to it at the time.

Tax does have to be taxing.

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3 comments:

  1. Keywords here being 'The Government' - HMRC is not the government the last time I checked.

    ReplyDelete
  2. No... but they like to think they are!

    ReplyDelete
  3. No... but they like to think they are!

    Be more specific. All our department does is hide things from the government about how badly it is manged - therefore how can they 'like to think they are'?

    ReplyDelete