HMRC’s latest pensions newsletter includes items on the Budget flexibilities, IP 2014, pensions liberation and changes to the annual allowance provisions, all of which are reported elsewhere in this update.
One further issue which HMRC highlights in its publication is the production of annual taxpayers’ personal tax summaries, which will be provided from October 2014, relating to the tax year ended 5 April 2014.
The tax summary, which is for information only and requiring no further action, will show the individual how their income tax and National Insurance contributions (NICs) have been calculated for the previous tax year and give an indication of how their taxes have been spent by Government. It will also show any NICs paid by the employer to give individuals a clearer indication of the total NICs paid as a result of their employment.
Around 16 million tax summaries will be delivered by post to PAYE taxpayers between October 2014 and December 2014. Individuals in Self Assessment will get their tax summary online.
View the newsletter.