Some proactive steps people took ahead of the autumn Budget now can’t be fixed according to HMRC
Ahead of Rachel Reeves’ Autumn Budget there was a lot of speculation on what taxes, benefits and topics might be on the agenda. While experts warned people against making hasty decisions before any official announcements, some people took what they believed would be protective measures.
However, HMRC has now warned savers that the “cooling off period” policy offered by pension providers that may have covered this reversal doesn’t actually apply. The policy only covers new products, while putting this lump sum back into the pension would technically be the return or addition to an existing product.
This means people wanting to return the lump sum they protectively took out of their pension will be liable for tax on this payment. However, pension providers have pushed back on the ruling made earlier this month.
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