Pensions: Taxation

HM Treasury written question – answered on 19th September 2016.

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Photo of Baroness Drake Baroness Drake Labour

To ask Her Majesty’s Government what discussions they have had with HM Revenue and Customs about the annual publication, in standard format, of data on the drawing of pension savings that have to be reported as taxable income by (1) age, (2) gender, (3) characteristics of income draw down products, (4) cash lump sums, and (5) annuities.

Photo of Lord O'Neill of Gatley Lord O'Neill of Gatley The Commercial Secretary to the Treasury

HM Revenue and Customs (HMRC) publishes the number and value of flexible payments made from pensions since April 2015. The quarterly publication does not include breakdowns of pension payments by characteristic, nor are there any plans to.

In accordance with the National Statistics Code of Practice, Official Statistics are shared with a minimal number of named officials 24 hours prior to publication. HMRC maintains and publishes a record, which can be found on gov.uk, of all of those who have pre-release access to National Statistics and Official Statistics.

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Annotations

Edward Troup
Posted on 27 Sep 2016 11:15 am (Report this annotation)

"The quarterly publication does not include breakdowns of pension payments by characteristic, nor are there any plans to." - Why not? Plans should be made to make these sort of breakdowns included in the quarterly publication as it would provide very useful insight.