03/09/2026
New data from HMRC shows thousands of retirees recovered more than £50 million in overpaid tax. Could you do the same?
The total number of retirees who made a claim for tax repayment was more than 12,000 in the second quarter of this year.
Although this number is slightly less compared to this time last year, the amount successfully reclaimed has increased by almost £2 million.
Why are so many retirees getting overcharged on their pensions?
When you first withdraw from your pension pot, HMRC taxes that withdrawal on a 'month one' basis, meaning it will assume you withdraw the same amount every month from the rest of the tax year.
However, not everyone withdraws a regular income from their pension, and this can lead to additional taxes being incorrectly levied.
Find out more at: https://heyor.ca/kbP9ao