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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Related Sections

Government Agencies

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!