HMRC warns British retirees that reversing large pension withdrawals could lead to tax penalties.
The UK's tax authority, HMRC, has warned British retirees who withdrew large sums from their pensions expecting changes to tax rules. Speculation about a potential reduction in the tax-free lump sum led some to withdraw funds, but HMRC stated that these payments cannot be reversed, and attempting to return the money could result in tax penalties. The tax-free lump sum limit was not changed, staying at £268,275.
3 months ago
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