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Web extra: Overpaid tax

Sterling notes
Are you missing out on cash that is rightfully yours?

As the rate you get on your savings declines it is more important than ever to check that you are not having too much tax deducted.

The bank or building society automatically takes 20% of the interest you earn and passes it to HM Revenue & Customs (HMRC).

But what if you should not pay tax at all on your interest - as your income is below your yearly personal allowance?

Most pensioners now fall into this category and an estimated 200,000 pay too much tax on their savings.

In the past the Revenue has said that up to 300m was waiting to be reclaimed.

And this month it is launching yet another attempt to persuade people to reclaim their overpaid tax.

We will hear from Claire Merrills of HMRC.

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