In total, over £1.2bn has been repaid by HMRC in overpaid tax on flexible pension withdrawals
HMRC has refunded over £42 million in taxes it shouldn't have levied on flexible pension withdrawals in the first quarter of this year, bringing the total tax repayments for the tax year to more than £198 million, a record sum. In total, HMRC has returned over £1.2 billion in overpaid tax on flexible pension withdrawals.
Read more: DWP told to 'act better' as vulnerable benefit claimants hounded for up to £20,000 in repayments He then offered a tip to ensure you don't end up paying too much. "While we wait for the tax system to catch up with the freedoms, a good tip for people who are making a pension withdrawal for the first time is to request a small withdrawal of say £100," he said. "That will generate a tax code from HMRC which the pension provider will apply to any subsequent withdrawals.
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