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Pension abusers could face £300 fine

Pension abusers could face £300 fine

A fine of £300 could be imposed on those who deliberately abuse the new pension tax rules.

New rules in the Taxation of Pensions Bill stipulate that savers who fail to notify their insurers within a month about their decision to opt for flexible drawdown, risk an initial penalty of £300, before facing a fine of £60 a day until all of their providers have been informed.
Speaking at a committee hearing in Parliament on Tuesday, Treasury minister David Gauke said: “The focus of the fines is very much on dealing with the deliberate defaulter or the person who seeks a tax advantage in a deliberate way.”  Please link to International Adviser to read the full article by Katherine Denham.

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