Tax On Pension Freedoms Panned As 'More Penal' Amid Crisis

Law360, London (May 21, 2020, 5:28 PM BST) -- The former U.K. pensions minister said the government should review its approach to taxing withdrawals from long-term savings, which now has an even "more penal" effect on those laid off during the COVID-19 crisis.

Steve Webb, who is now a partner with London-based pensions consultancy Lane Clark & Peacock, said Wednesday the government should review the system as a matter of urgency.

Under the current rules, HM Revenue & Customs imposes an "emergency tax" on withdrawals from pension savings, which can often be significantly more than is owed.

Taxpayers must then approach the department for a refund on the difference, or...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Related Sections


Government Agencies

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!