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Delayed pensions
From 6 April 2028 you will have to be aged at least 57 before you can access your private pension savings. Currently the minimum normal pension age is 55. However, if on 4 November 2021 you’re in a pension scheme which has a protected age for taking your pension rights won’t be affected by the change.
HMRC warns people filing tax returns
December and January are always the busiest months for tax return filing. HMRC has recently issued a warning about self-assessment scams, including phishing emails and texts.
A well-known tactic in recent years is where an individual calls the taxpayer purporting to be from HMRC, insisting that the taxpayer owes money, and that if payment is not made immediately “criminal proceedings” will commence. Taxpayers may be particularly susceptible to scams if they have recently submitted their return, whether they have a liability or a refund. HMRC is now warning people to look out for emails and text messages that are referring to the self-assessment process. These phishing emails aim to trick the unsuspecting taxpayer into divulging sensitive information, such as bank details.
You can forward suspicious emails claiming to be from HMRC to phishing@hmrc.gov.uk and texts to 60599.
Higher tax rate on directors’ loans
The 1.25% tax increase which applies to dividends from 6 April 2022 will also apply to the tax charge payable by companies that are owed money by their participators (shareholders). The rate of tax for this will be 33.75% where the charge arises on or after 1 April 2022.
