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.
£6bn overpaid to tax credit claimants since 2003
£1.7bn overpaid in the 2005/2006 tax year
Accountancy Age, 23 May 2007
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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.
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