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HMRC has published new guidance on how employees can claim a tax refund for negative earnings. This typically arises as a result of a contractual clawback arrangements.
The guidance confirms that an employee needs to claim any loss relief or tax refund direct from HMRC, not from their employer or ex-employer. The appropriate amount of tax deducted should be claimed in the year that the employee made the repayment, either through self assessment or by writing to HMRC using the title ‘Tax relief on bonus clawback’ on their letter.
