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The Independent UK

Business

Howard Mustoe

Savers urged to check tax bills after HMRC error led to overcharging

HMRC Rachel Reeves

Savers have been told to check their tax bills after HM Revenue and Customs suffered a system error, leading to them being overcharged.

The glitch means that savers are not having their tax-free allowances applied. Basic-rate tax payers can receive £1,000 a year on interest tax free, while most higher-rate earners get £500. Earners over £125,140 get no allowance.

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Top stories on inkl right now

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The Independent UK

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One subscription that gives you access to news from hundreds of sites

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From France to Albania, social unrest is setting Europe's streets ablaze

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