UK Money News
15th July 2008
Pensioners facing Treasury tax sting
A mistake on the part of the Treasury is to present pensioners with an unexpected tax bill, it has been reported.
According to a report from the Telegraph, around 420,000 people with small private pensions will be hit with the charge.
The announcement from the Treasury follows a discovery by the National Audit Office that the pensioners had not paid tax since 1983.
Since the plan was announced it has been heavily criticised by Jenny Willott, work and pensions spokesman for the Liberal Democrats, and David Gauke, Conservative treasury spokesman.
Ms Willott said: "It is unacceptable that HMRC blunders should leave pensioners facing a higher tax bill.
"Not content with letting the state pension fall behind the cost of living they are now trying to whittle down private pension saving too. It's a tax grab by anyone's standards."
The blunder on the part of the Treasury meant that £135 million of tax has gone uncollected.
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