If you’ve overpaid tax, you may be able to reclaim it

By Steven Pinhey, Tax Director

If you have made a mistake in a recent tax return and more tax was assessed than should have been as a result of the mistake, relief is potentially at hand in the form of Overpayment Relief.

The mistake has to be recent, which in this context means that it has to have happened any time after 6 April 2012.  The reason for this is that Overpayment Relief has to be claimed and the time limit for making the claim is 4 years from the end of the tax year in which the mistake took place.

Unfortunately, the relief is not available for all taxes but thankfully the main ones - income tax, capital gains tax and corporation tax - are included.

Naturally there are some situations where Overpayment Relief does not apply and these are primarily:

  • A late amendment to a tax return will not be considered a 'mistake' so will not be processed under Overpayment Relief.
  • If a claim was made in a return, and needed to be made in a return in accordance with statute, and wasn't.  This will not be able to be treated as Overpayment Relief.  This is particularly significant for claims such as loss relief and capital allowances.

If you think that you may have overpaid tax, our team at Lubbock Fine can assess whether you have a reasonable claim and also make your claim on your behalf in accordance with the detailed requirements set out in the legislation.   Please feel free to speak to your contact partner or Steven Pinhey on 020 7490 7766 or email stevenpinhey@lubbockfine.co.uk.  

Blog archive