People could potentially be owed thousands of pounds by Her Majesty’s Revenue and Customs after an error. Anyone who took out cash from their pension may have overpaid in tax.
The HMRC has released figures which show around 7,000 pension savers overpaid by a £33million in total in the last three months. The average amount overpaid is £3,363 and happened because they were taxed as if it was their monthly income rather than a one-off.
The money should automatically be paid back by the HMRC - but there is no guarantee when this will happen, the Sun reports. Jon Greer, head of retirement policy at Quilter said: “HMRC will make a repayment automatically, however given that could take time to be processed it is best to make a repayment claim yourself to avoid waiting.
