Oct. 19 (Bloomberg) -- Britain’s tax authorities said they will reimburse 2.5 billion pounds ($3.9 billion) of income tax to 6 million workers who were overcharged from 2003 to 2008.
The average payment of about 300 pounds plus interest will be repaid by the end of next year, Her Majesty’s Revenue and Customs said in London today. Repayments begin today.
“We are getting cases that were left unreconciled up to date as quickly as possible,” the department said in an e- mailed statement. “Anyone owed money will be paid back with interest without the need to contact us.”
The government is looking at ways to alleviate falling household incomes squeezed by rising inflation, a flat-lining economy and increasing unemployment. HMRC today said an overhaul of the tax-collection system will reduce the amount workers overpay in future.
--Editors: James Hertling, Andrew Atkinson
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