Tax overpayments hit £31m as pension drawdown rockets

A record number of people withdrew funds from their pension pots in the first three months of the year, with 648,000 payments to 284,000 individuals, but problems remain with overpayments of tax, with £31.1m claimed in the first quarter of 2019.

Overall, HMRC has paid back more than £433m to taxpayers since the introduction of pension freedoms in 2015, which allow pension savers to extract cash from their pensions rather than buy an annuity.

Read more at the Accountancy Daily.