If your pension savings are projected to be valued in excess of £1.25 million by the time you reach retirement, then you urgently need to consider whether to register for ‘Fixed Protection’. This may sound a lot of money and seem only to be relevant for the very wealthy but if you have a decent company pension accrued from the past or are still say 10-15 years from retirement, it is quite easy for the “Lifetime Allowance” to be exceeded. The Lifetime Allowance is the maximum amount that you can save into pensions throughout your lifetime without suffering a tax charge at retirement.
If you have received an email recently apparently from Companies House regarding a company complaint, it is a spam and you should not click through to any of the links shown.
The email that many companies have been getting is as shown below.
From: Companieshouse.gov.uk [mailto:email@example.com]
Sent: 19 February 2014 11:37
Subject: FW: Case - 8683486
The rules HMRC applies are reasonably straightforward: if your claim for PPI compensation is upheld, you will get a refund of premiums paid, the interest you have paid on the premium if it was added to your loan, plus simple interest at 8%.
While the principle is to return you to the position you would have been in if you had never taken out the PPI policy, the 8% interest is taxable and must be declared to HMRC by including it on your self assessment tax return.