Are you overpaying tax on your Pension?

Are you overpaying tax on your Pension?

October 29th 2009 10:48 pm

general

Can you be sure as a pensioner that you have been correctly taxed? Not so, according to the National Audit Office,  for 1.5 ...

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Can you be sure as a pensioner that you have been correctly taxed? Not so, according to the National Audit Office,  for 1.5 million pensioners who have overpaid tax since 2002/03. This is largely due to the pensioner missing out on the higher personal allowances (for those over 65) against their PAYE pension, and/or the pensioner not having their savings income paid gross. Both of these can be easily remedied. The higher age allowance can be requested by contacting your local tax office who will then amend the pension(s) PAYE tax code. For pensioners who have an annual income from pensions and other sources, below £9,490 (2009/10 level for individuals between age 65-74), savings interest can be paid gross by requesting directly from the bank/building society. Not all is gloomy if you fear that you have overpaid tax on your pensions and savings for the previous tax years. You can claim back overpayments for up to six previous tax years, earliest being 2003/04. Check if you have paid the correct tax using our tax calculator.  Otherwise, take advantage of our tax refund service where we can help you to reclaim the tax rightly due to you.

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