Savers recoup over £38m in overpaid pensions tax in Q4 2023

Analysis finds total amount of overpaid tax paid out since 2015 is approaching £1.2bn

Martin Richmond
clock • 2 min read
Savers recoup over £38m in overpaid pensions tax in Q4 2023

HM Revenue and Customs (HMRC) repaid over £38m to savers due to over taxation on pension withdrawals in the fourth quarter of 2023, latest figures show.

It its January pension schemes newsletter, HMRC revealed a total of £38,784,733 was repaid in the three month period from 1 October to 31 December 2023, and the average reclaim amounted to £3,216, ...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

WSB Awards 2024 - One week left to register!

WSB Awards 2024 - One week left to register!

The 12th anniversary WSB Awards will be presented in London on 5 September

Workplace Savings and Benefits
clock 26 April 2024 • 2 min read
Good News Corner: Barnett Waddingham colleague raises nearly £3,000 for NSPCC

Good News Corner: Barnett Waddingham colleague raises nearly £3,000 for NSPCC

Rachel Pegrum completed the London Marathon on Sunday, running for the NSPCC

Professional Pensions
clock 26 April 2024 • 1 min read
Majority of young people favour 'pot for life' model

Majority of young people favour 'pot for life' model

Survey finds three quarters of those aged between 25 and 34 support model

Jasmine Urquhart
clock 26 April 2024 • 3 min read
Trustpilot