Grant Blakey: Watch out for new rules on tax relief reclaims

One change that took effect from the start of the current tax year and has largely slipped under the radar creates new deadlines for repaying tax relief when too much has been claimed. This will generally occur when some or all of a contribution has been refunded. The updated regulations require any excess relief claimed to be paid back to HM Revenue & Customs (HMRC) within a 90-day window. This period begins on the day the administrator first becomes aware of the excess and, if this deadline is missed, interest is chargeable at a rate of 3%. The really important consideration is that...