Money back from the HMRC
There is the possibility of some extra money back from HMRC for pensioners. This comes as HMRC launches its TaxBack campaign, which aims to encourage pensioners who have overpaid tax on interest from savings to claim it back, and register for savings interest to be paid gross in future, if they’re non-taxpayers.
Reclaiming overpaid tax can be done using HMRC Form R40. In order to have future savings interest paid gross Form R85 should be completed and sent to the bank or building society.