HMRC to take up to £300 back from these pensioners

HMRC to take up to £300 back from these pensioners View 2 Images

As many as two million pensioners could be faced with an unexpected £300 tax bill as HMRC plans to reclaim Winter Fuel Payments. From November, the winter fuel payment of £200–£300 will continue to be automatically paid to people aged 66 and over to assist with heating costs.

However, under new regulations, pensioners earning more than £35,000 annually will no longer qualify. Instead of withholding the money in advance, the Treasury will first pay everyone and then recover the funds later through the tax system.

HMRC has assured that repayments will not be directly taken from bank accounts, alleviating concerns among pensioners about unexpected deductions. BBC Radio 4's Money Box financial journalist, Dan Whitworth, sa