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23 May 2007
HM Revenue & Customs has overpaid tax credit claimants nearly £6bn since the scheme was launched in 2003.
The taxman said that in the 2005/2006 tax year alone £1.7bn was overpaid with some of this money likely to be written-off.
Despite the overpayments and fraud issues, HMRC claimed it had helped millions of low income families back into work and out of poverty.
‘Tax credit provide support to 20 million people including 6 million families and 10 million children,’ said Stephen Timms, chief secretary to the Treasury.
Further reading:
Tax system successfully helping poor says ONS
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
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