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

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

Nest publishes 2023/24 annual report and accounts

Nest publishes 2023/24 annual report and accounts

Government-backed master trust AUM grew to more than £40bn as at 31 March 2024

Martin Richmond
clock 13 December 2024 • 2 min read
Professional Pensions: Stories of the week

Professional Pensions: Stories of the week

L&G endgame report, PPF 7800 Index, endgame targets, £370m buy-in, dashboards

Professional Pensions
clock 13 December 2024 • 1 min read
Disorderly net-zero transition will have 'severe' impact on scheme returns

Disorderly net-zero transition will have 'severe' impact on scheme returns

Ortec Finance says physical risks could ‘slash returns’ in UK pension fund portfolios

Holly Roach
clock 12 December 2024 • 1 min read
Trustpilot