Change for small lump-sum payments code
Posted by mostafa on 19 November, 2012
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This item was filled under Tax
The tax code operated on trivial commutation and similar one-off lump-sum pension payments will change in April 2013 from emergency to the basic rate also operated on the non-cumulative basis.
HMRC hope the change will result in more individuals, in particular those on low and moderate incomes, paying the right amount of tax at the time a payment is made.