Hundreds of thousands of people receiving company and personal pensions risk being overtaxed due to being given the wrong tax code and so should check it as a matter of urgency, Royal London has warned.
The group, which has published a new guide, Decoding your tax code, estimates some 800,000 people under state pension age are receiving pensions but should be non-taxpayers because their total income is below the personal allowance (£11,500 in 2017/18). Royal London policy director Steve Webb (pictured), the guide's author, said this could be a particular issue for those who have multiple sources of taxable income, such as a wage and a pension or multiple pensions. Around 30 million people in the UK pay income tax but only around 10 million of these fill in a tax return, according to ...
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