HMRC to review tax returns

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HMRC to review 30,000 tax returnsApproximately 30,000 people are to have their tax returns reviewed by HMRC over fears they have been overcharged. An error in the Revenue's calculations relating to the personal savings allowance and the dividend allowance means thousands of people may have received incorrect tax bills in 2016-17. HMRC will start its investigation on November 19 and individuals affected will receive a new calculation. Those owed money should be given a rebate, although if any additional tax is due people will have just 28 days to pay the bill before interest and late-payment penalties kick in. HMRC said that only about half the returns it has identified for review are likely to need amending.

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