An estimated six million taxpayers are in line for a windfall refund as Revenue & Customs tries to unravel the latest in a series of administrative problems.
The taxman is repaying almost £2.5bn in overcharged tax and interest to clear a backlog of errors that goes back to 2003, according to the Daily Mail. Taxpayers will on average receive a repayment of overcharged tax of £300 plus interest of up to 4%. The first refund letters will be sent out later this month, but the whole process will run for more than 12 months, with final payments not made until December 2012. Matt Coward, a partner at accountant Price Bailey in the City of London, says: ‘There is no easy way for people to tell whether they can expect a letter or not. It will co...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes