Top Slicing Relief : HMRC gets the calculation wrong
HMRC and tax practitioners have been calculating top-slicing relief incorrectly we believe. We have resubmitted our client's tax return today and found that HMRC have overtaxed him by £1,267 - and this is a very common scenario.
We used an a calculator tool prepared by one of our business colleagues Tim Good and it is featured in the link below. However please contact us as we may be in a position to use our remaining credits on your behalf:
You can find more about this matter in taxation in the article below:
So what should you do in such cases now? My main recommendations are as follows:
First, do not rely on the HMRC calculation of top-slicing relief. Second, do not rely on your tax return software – almost all the main brands clone the HMRC calculation. Third, if you have had chargeable event gains in recent years file amended returns if possible.
Finally, consider an appeal to the tribunal if HMRC refuses to accept that its calculation is wrong.