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New Tax Bill Shock for Pensioners
14/04/2011
It was announced that an error made by HM Revenue & Customs has resulted in 150,000 pensioners underpaying tax on their pensions. This cost amounts to an average of £800 per pensioner and is not being written off by the HMRC, although they have admitted and apologised for mistakenly putting pensioners on the wrong tax code during the tax year.
The timing of the tax demand could not have been worse, with many pensioners struggling to cope with the rising cost of living. A special telephone helpline will be set up dedicated to taking calls from pensioners involved.
Homeowners aged over 55 years who are worried about rising costs and would like to know how much money the value of their property could release to help, can find out by contacting therightequityrelease.co.ukfor equity release advice.
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