OAPs must act now to claim tax overpayments
Overpaid income tax reclaim period to shorten
OAPs have been warned that if they are owed tax by HM Revenue & Customs
they will only be able to go back claims back four years rather than five, from
April.
Beever and
Struthers said that as many as 1.5m OAPs overpay tax on income
received, and length of time claims will stretch back is shortening from the
next tax year.
“Tax repayment claim forms can be hard to understand but they’re worth
completing because if you have been paying tax for the past six years you may be
entitled to a repayment worth hundreds of pounds,” said Claire Kennedy, tax
partner at Beever and Struthers.
Transitional arrangements are in place that will allow many pensioners to
claim six years repayments until 2012, however, to be certain of this, action
should be taken now, the firm added.
Further reading:
Non
dom eligibility widespread
£9bn
of tax to be ‘overpaid’ by Britons this year