Some people who have been defrauded out of some or all of their pension fund are now being chased by HM Revenue & Customs for tax on money they no longer have. They were persuaded by advisers to cash in their pension and invest it in schemes that promised big returns. In fact they were often fake and some or all of their money disappeared. But HMRC is demanding tax on this missing money because they cashed in their pension too early. A campaign group based in Parliament is calling for a change in the law to protect them from what it calls the largest tax scandal in British history. In response, HMRC told Money Box “We do not tax pension savings lost to fraud. What we do tax are amounts that people release, or attempt to release, from their pensions where not authorised in law. It is our responsibility to collect the tax people legally owe and maintain a fair tax system for all. We sympathise with people who may have lost money by entering such arrangements and handle these situations on a case by case basis. We take the wellbeing of all taxpayers seriously and do everything we can for those who engage with us to get their tax affairs in order, including by offering affordable payment plans.”
As temperatures hit a new low this week one charity is nearly doubling the size of the vouchers it gives to those who can't keep warm. We'll speak to the Fuel Bank Foundation which helps people on prepayment meters manage their bills.
A record number of people will need to re-mortgage this year - are the choices getting any better?
And all you need to know about filing your self assessment form.
Presenter: Paul Lewis Reporters: Dan Whitworth and Tamzin Kraftman Researcher: Jo Krasner Editor: Jess Quayle
(First broadcast 12pm Saturday 20th January 2024)