Three million savers paying too much tax

HM Revenue & Customs has said as many as 3.5 million people should have been liable to pay just 10% tax on their savings during 2009/10 rather than the 20% tax which is automatically deducted, reports the Telegraph. However, a freedom of information request found just 718,000 had applied to have this tax repaid. Campaign group Save Our Savers, which is lobbying for a change in the way bank and building society accounts are taxed, said the figures show many people are paying too much tax on their savings. "It is often pensioners, who have low incomes, but reasonable savings pots tha...