.png)
.png)
29 September 2015
Can tax overpayments that relate to more than four years ago be repaid?
Last year I started to act for a client who was being pursued by HMRC for a £15 000 tax liability. She had been a pensioner for some years but received share options in 2002 and completed a tax return for that year. Her subsequent affairs were relatively straightforward in that she had a P60 a P11D and bank interest arising from the cash proceeds of the share options. The bank interest was significant in only one year because she used the money to buy her house.
HMRC restricted her PAYE code by £5 000 for bank interest for several years. She remained within self assessment but for some reason did not receive returns issued from 2005 onwards. A determination was issued for 2007/08 which generated payments on account for 2008/09 giving rise to the £15 000...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
