BRITS dipping into their pension pots have been paid back £33million from HMRC this year. Savers could get money back because they have paid too much tax when accessing their retirement cash. Nearl…
BRITS dipping into their pension pots have been paid back £33million from HMRC this year.
Savers could get money back because they have paid too much tax when accessing their retirement cash.Nearly 10,000 people overpaid in the first three months of the new tax year from April to June.You can start taking money from a personal or workplaceUsually you can take the first 25% of your pension tax-free, and anything over that is taxed.
But when taking a lump sum you can be taxed at an emergency rate and end up paying more than you have to. Anyone who overpays tax can get it back by claiming a refund from HMRC, otherwise they should get it back automatically, but they will have to wait until the end of the tax year. The exact amount you can get back if you overpay depends on how much money you took from your pension, what other income you have and your tax rate.
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