HMRC says tax credit loss only £20m…not £500m

Claims by
chancellor George Osborne
that mistakes with
HM Revenue & Custom’s tax credit
system would cost it £500m, have been dismissed by the taxman.

Osborne claimed a decision to re-examine 160,000 overpayment cases had broken
rules and led to the write-off.

But HMRC hit back and said the review would result in it repaying only £20m.

Further reading:

HMRC facing massive tax write-off

Death forms under scrutiny in IHT clampdown

HMRC accused of hypocrisy over small business payments

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