Gov't Pension Freedom Tax Errors Near £900M

By Martin Croucher (July 22, 2022, 4:53 PM BST) -- The government has overtaxed people tapping into their pension pots by nearly £900 million ($1 billion) in the past seven years, in what experts said was a "quiet scandal" amid the current cost-of-living crisis.

HM Revenue & Customs said Thursday that it returned £33 million in April, May and June to 10,000 people who were taxed too much after withdrawing money from their pension savings.

The announcement means that the government has refunded Britons more than £892 million in overpaid tax since 2015, when pension freedom rules were introduced to allow members of retirement plans over the age of 55 to...

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