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...

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