HM Revenue & Customs (HMRC) must be "rubbing their hands with glee", suggested Royal London director of policy Steve Webb, following the publications of the latest tax refund figures.
The new HMRC pension schemes newsletter has revealed the amount of overpaid tax on pension withdrawals has surged in the last three months. More than 18,000 people have had to claim back tax they paid but did not actually owe. The newsletter highlighted that, in the period from July to September 2018, the amount reclaimed was more than £37m, compared with £28m in the previous quarter. This took the total amount reclaimed in the last 12 months past the £100m mark. 'Out of control' HMRC refunds taxpayers half a billion since 2015 Webb commented: "HMRC must be rubbing their hands wit...
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