HMRC has been accused of overtaxing savers due to errors in calculating interest on bank accounts. An investigation by the Telegraph revealed that taxpayers were billed thousands for non-existent or shielded interest. Richard Fuller, shadow chief secretary to the Treasury, said: "HMRC has been taking money it shouldn't." Issues date back to 2016 when new reporting rules forced banks to report how much savers had earned in interest each year to HMRC. Financial advisers report a rise in cases of incorrect tax codes linked to bank data. HMRC acknowledged the problems and urged taxpayers to report inaccuracies.
