UK sees £480m overpaid pension tax reclaimed

Pedro Gonçalves
clock • 2 min read

Over-55s have had to clawback £480m in overpaid taxes from the UK government since the launch of pension freedoms in 2015, new figures from HMRC show. Some 17,000 people had to claim £46m in tax back between April and June, up from 14,000 people claiming £29m during that same period of time last year.  "These latest figures continue to expose the damage caused by HMRC's insistence on overtaxing savers when they first take taxable income from their pension using the retirement freedoms," Tom Selby, senior analyst at AJ Bell, said in a statement. "The near £500m reclaimed through off...

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