HMRC to refund £42m in overpaid pensions tax in Q4 2021

Over the last quarter, 13,579 repayment claim forms were processed by HMRC for pension flexibility payments, totalling £42m in overpaid tax. This takes the running total of tax repaid by HMRC to around £835 million since pension freedoms came into effect in 2015, according to Lane Clark & Peacock's (LCP) estimations. More pensions tax repayments are likely, according to the LCP, as other overpayments will be picked up by the annual tax return process, potentially pushing the total amount of overpaid tax to be in excess of £1bn since April 2015. "Over the course of 2021, £142m was repa...