Saturday, 31 October 2009

1.5 million pensioners are overpaying tax

The National Audit Office in its Report “H M Revenue & Customs: Dealing with the tax obligations of older people”, estimates that 1.5 million pensioners are overcharged tax by the Revenue by an average £171 per person. It also found that 36% of pensioners do not understand their tax obligations. Reasons are down to the complexity of older people age-related allowances and because the Revenue does not award the age-related allowances automatically without a need for a claim.

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