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What is overpayment relief?

Source: HM Revenue & Customs | | 07/08/2018

Overpayment relief was introduced from 1 April 2010 and replaced error or mistake relief for Income Tax, Capital Gains Tax (CGT) and Corporation Tax. Overpayment relief allows taxpayers to recover overpaid Income Tax, CGT, Class 4 NIC, Corporation Tax, overpaid bank payroll tax or to reduce an excessive assessment.

According to the HMRC, the rules for overpayment relief are intended to:

  • give a single route for persons to recover overpayments
  • bring the claims process into line with self-assessment claims and
  • align time limits with those for other claims.

Claims for overpayment relief must be made within 4 years of the end of the tax year or accounting period to which the claim relates. A claim for overpayment relief can only be made under certain circumstances.

For example, a taxpayer can only claim overpayment relief if they have not had a reasonable chance to correct their tax liability any other way, by making or amending a self-assessment return or appealing against an HMRC assessment or amendment of their return.

A claim for overpayment relief should be made in writing clearly stating the reason for making a claim, the period to which the claim relates and the reasons why the taxpayer considers that the overpayment or excessive assessment has occurred.

 

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McAllisters is a partnership trading from Paxton House, 11 Woodside Crescent, Glasgow providing accountancy and tax services and general business advice and is a member of ICAS (Registration No 0342) and an FCA exempt professional firm (No 301235). Its VAT number is 261 3019 94

McAllisters (Scotland) Ltd is a related business providing tax and business advisory services to McAllisters and its clients. McAllisters (Scotland) Ltd is registered in Scotland (Registration number SC146856). Its VAT number is 624 0564 62.

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