HMRC

HMRC announces plans to address a tax issue that has led to hundreds of thousands of pensioners being overcharged on their retirement savings, with changes set to take effect from April 2025.

HM Revenue & Customs (HMRC) has unveiled a significant reform of the pension tax system, effective from April 2025, aimed at correcting the overtaxation of pensioners. This change will automate tax code updates for new private pension recipients, reducing the need for year-end adjustments and refund claims.