HMRC cuts thousands of overseas schemes from recognised list - Citywire
The above link is a minor part of what I think is the next big tax scandal.
Osbourne and crew announced and implemented pensions reform.
The story is that people should have choice. The reality is that this is a tax raid on pension pots.
In very broad terms you can withdraw 25% of your pension pot with no tax effect. more than that and you pay tax at your marginal rate.
No surprise that a lot of the vultures have moved in promising all the cash you want for no tax at all. One such scheme in which a well known character to contractors was involved has already been struck down leaving victims to meet high tax bills.
So here's the pitch.
If you're looking at your pension fund and want the cash for any reason (APN?) anything over 25% of the pot is TAXABLE.
If somebody says it's not, they're probably being less than honest.
DON'T GET SUCKED INTO SCHEMES HERE AS HMRC WILL PURSUE.
(No I don't have any expertise in pensions or their taxation and am not looking for work here - too complicated)
