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Tax could be paid direct from pension pots

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HM Revenue & Customs (HMRC) is considering proposals to allow tax to be deducted directly from the personal pension pots of high earners who have exceeded the pension contribution limit.

The Department for Work and Pensions is consulting on allowing those in an occupational pension scheme who exceed the contribution limit for 2011/12 of £50,000 a year to pay the tax bill by having the pension benefit reduced. Two respondents to the consultation suggested extending the measures to personal pension schemes, and HMRC is now examining whether this would be viable.

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