Errors surrounding the input of data into HM Revenue & Customs’ new tax code computer could see a "significant number" of pensioners issued the wrong tax code, the Low Income Tax Reform Group (LITRG) has claimed.
According to the group, the errors, which could affect millions of tax codes, may not be rectified in time for April when tax deductions are set to commence.
A statement from the LITRG, in collaboration with Tax Help for Older People, warned: "Some codes do not include the state pension, or show an incorrect amount of state pension, even though this has been correctly included in the past.
"Where Married Couple’s Allowance is due, it has not been included in spite of it being correctly coded in previous years."
Worries surrounding the mix up could leave many pensioners looking for assurances over the retirement funding.
This could see many turning to schemes such as equity release, which can give them access to the value of their property assets.
