Beware the taxman!

Royal London argue that HMRC are ‘out of control’ and are over-taxing individuals on a ‘tax first- ask questions later’ basis. As examples it cites unnecessary ’emergency taxation’ on pension fund withdrawals and incorrectly levied stamp duty on second homes.  Royal London claim that since April 2015 taxpayers have had to claim back £493m.

While refunds are made by HMRC, one wonders how many individuals forget to put in a claim or are unaware of the mechanics that needs to be followed.  It’s hardly a ‘client first’ system.