Have you overpaid on your pensions tax? HMRC has released information showing that
£38million worth of repayments were issued to thousands of savers (aged 55 and over) in the final quarter of 2023. More than 12,000 reclaim forms were processed.
In the main, it was individuals accessing their pensions flexibly who were impacted. The unexpected tax bills have arisen due to an ’emergency’ tax code applied to their
first withdrawal.
Analysis by investment broker AJ Bell indicated that since 2015, approximately £1.2 billion has been repaid to savers who were…
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