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‘Millions of taxpayers’ set for rebate

As many as six million taxpayers will be entitled to a tax rebate in the coming months, with an average value of £400, HM Revenue & Customs (HMRC) has confirmed.

Meanwhile, a further one million people will be told that they owe tax to HMRC, with each underpayment averaging around £500-£600.

The revelation follows the identification of further discrepancies in tax and national insurance, which were highlighted by HMRC’s new computer system.

In 2010, over four million taxpayers were identified as being eligible for a refund, with payments averaging more than £1,400, while over one million people were told that they had underpaid their tax.

HMRC has confirmed that letters will be sent out to affected taxpayers in the coming months.

The overpayments, which relate to the 2007/08 tax year or earlier, and include interest, will be settled by December 2012.

Taxpayers who owe money to HMRC will be able to spread their payments by means of an adjustment to their tax code.

We can advise on all aspects of tax and financial planning. Please contact us for further help and advice.