Pension Tax Errors Hit Thousands

The Telegraph is warning that tens of thousands of people may have paid incorrect tax on pension withdrawals made under new rules applying from April 2015.

At least 232,000 people drew down money from their pensions in the 2015 to 2016 tax year under rules which allow over-55s to drain cash from their pension pots in one go.

Many of these withdrawals will have been incorrectly taxed, as the PAYE system is not geared to multiple income sources and the chances are the tax codes used when drawing down from the pension pots were wrong.

Incorrect coding is of course nothing new, and the issue of coding pops up each year with the depressing inevitability of an unloved season.

However, on the bright side once MTD has been implemented all these problems will simply vanish!

Won't they????????????

Tax does have to be taxing.

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