Flexi-access drawdown and PAYE

SallyG

Read somewhere that PAYE on "unpredicted" drawdown will likely be
"overtaxed" and it will be up to individuals to sort it out with HMRC /get a refund at the end of the tax year - is there any way to tell HMRC in advance of your intentions in order to avoid that - will new real time PAYE system respond to rapid change?

drumtochty

I read somewhere that all the details have yet to be finalised.

So I suggest that you should read the regulations later this year or next year when they are finialised.

That is unless you read something else somewhere else.

SnowMan

It is covered in 8.10 of

Pensions Flexibility - Draft Guidance on clauses for the Taxation of Pensions Bill

Can be dealt with through the tax code being used by the provider, but not completely clear how this will work.

Thrugelmir

SallyG wrote: »

is there any way to tell HMRC in advance of your intentions in order to avoid that

If the drawdown event is unpredicted can ones intentions be forecast?

mania112

SallyG wrote: »

Read somewhere that PAYE on "unpredicted" drawdown will likely be
"overtaxed" and it will be up to individuals to sort it out with HMRC /get a refund at the end of the tax year - is there any way to tell HMRC in advance of your intentions in order to avoid that - will new real time PAYE system respond to rapid change?

That isn't what happens NOW in drawdown (unless its very soon after intial setup) so i'm not sure why they'd have to go backwards to a system like this?

SallyG

drumtochty - I read it here
http://www.ft.com/cms/s/0/4709ca30-59d4-11e4-9787-00144feab7de.html#axzz3Hp3JqP9p
but then lost access.