29
May
2015
A question about : Do HMRC pay interest on overpaid tax
I retired on 21/4/14 accepting voluntary redundancy and paid over Ј6000 in income tax on the excess over Ј30000.I am receiving Ј9000 per annum occupational pension and this is my only income.I contacted HMRC to reclaim overpaid tax explaining what my taxable income for 2014/2015 would be and could I have rebate of overpaid tax of over Ј3000.They refused but at least stopped taxing my pension.Am I entitled to interest when I eventually get this overpaid tax back after April 6th 2015 as they will have had most of my money for at least a year?
Best answers:
- https://www.ehow.co.uk/how_6941758_ca...edundancy.html
might be of interest.
Did you receive any salary for the month of April? Will this, together with your pension (and any PILON etc) use up your tax free allowance for the year?
https://www.moneyadviceservice.org.u...undancy-payout - yes if its been owed for over a year they will pay interest
but if its for the tax year previous to the current one then no. - Yes, HMRC have to put you back in the position you would have been, but for the error (as with Court awards to Claimants).
Therefore they pay interest on Tax Refunds (the same go back 4 years).
Hope this helps:
https://www.adviceguide.org.uk/wales/...ax_refunds.htm
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