Thousands of people across the UK are owed £3,363 by HMRC. Savers could be entitled to money back - after HMRC overcharged on pension tax, according to the latest figures.
Retirees could be owed thousands, it has been warned with an estimated 7,000 pension savers overpaid by £33million in total in the last three months alone, according to stats. Every person eligible could be owed as much as £3,363 each, based on average calculations.
However, the number could actually rise higher, experts have warned. Those savers who access one-off lump sums from their pension are taxed like monthly income and that means they have been paying too much, according to BirminghamLive report.
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. This emergency tax situation can be particularly frustrating for people trying to access their funds quickly, particularly if they don’t understand why it has happened.
“It arises due to an oddity of the PAYE system when people start to take money from their pension.” HMRC repaid a total of £22,317,529 in Q1 2022 to people who overpaid tax when they flexibly accessed their pensions, the latest government Pension Schemes Newsletter has confirmed.
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