Pension Scams & HMRC and Fuel Vouchers

02/17/24 • 25 min

Some people who have been defrauded out of some or all of their pension fund are now being chased by HM Revenue & Customs for tax on money they no longer have. They were persuaded by advisers to cash in their pension and invest it in schemes that promised big returns. In fact they were often fake and some or all of their money disappeared. But HMRC is demanding tax on this missing money because they cashed in their pension too early. A campaign group based in Parliament is calling for a change in the law to protect them from what it calls the largest tax scandal in British history. In response, HMRC told Money Box “We do not tax pension savings lost to fraud. What we do tax are amounts that people release, or attempt to release, from their pensions where not authorised in law. It is our responsibility to collect the tax people legally owe and maintain a fair tax system for all. We sympathise with people who may have lost money by entering such arrangements and handle these situations on a case by case basis. We take the wellbeing of all taxpayers seriously and do everything we can for those who engage with us to get their tax affairs in order, including by offering affordable payment plans.”

As temperatures hit a new low this week one charity is nearly doubling the size of the vouchers it gives to those who can't keep warm. We'll speak to the Fuel Bank Foundation which helps people on prepayment meters manage their bills.

A record number of people will need to re-mortgage this year - are the choices getting any better?

And all you need to know about filing your self assessment form.

Presenter: Paul Lewis Reporters: Dan Whitworth and Tamzin Kraftman Researcher: Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 20th January 2024)

A record number of people will need to re-mortgage this year - are the choices getting any better?

And all you need to know about filing your self assessment form.

Presenter: Paul Lewis Reporters: Dan Whitworth and Tamzin Kraftman Researcher: Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 20th January 2024)

Previous Episode

Money Box Live: Flooding and Insurance

Flooding damages property, lives and can be incredibly financially damaging as well.

There was £352 million pounds in insurance claims for damaged homes following storms Babet, Ciaran and Debi at the end of last year according to the Association of British Insurers. We don't yet know the financial fall out of January's storm Henk - the eighth named storm of the season - but as the climate changes, insurers expect even more of this kind of weather.

So what is flooding costing homeowners and businesses and what is the best advice if you've been affected?

Felicity Hannah visits a flat owner in Worcestershire and we hear from the man who spent £80,000 taking matters into his own hands.

This week we're joined by Heather Shepherd from the charity the National Flood Forum as well as Laura Hughes, Manager of General Insurance at the Association of British Insurers, which represents the industry.

Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Sara Wadeson

(This episode was first broadcast on Wednesday the 17th of January on Radio 4 at 3pm)

Next Episode

Money Box Live: What's going on with Energy Bills?

How are you dealing with energy costs this winter?

Money Box Live has heard some people are skipping meals whilst others in full time employment are turning to warm banks and food hubs to cut costs.

The energy price cap, which is now what most of us pay, jumped 5% at the start of the year to £1928 for typical use - but what exactly does that mean and are you a typical user?

Meanwhile, the charity Citizens Advice has estimated two million people on prepayment meters could have their gas and electricity cut off because they cannot afford to top up.

The Department for Energy Security and Net Zero says its spending an average of £3,700 per household to support families with the cost-of-living. And there is some relief on the way as prices are predicted to fall in the spring.

Answering all your questions and comments with Felicity Hannah is Peter Smith, Director of Policy at the charity National Energy Action and Deputy Policy Director Daniel Portis from Energy UK which speaks for the industry.

Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Jess Quayle

(This episode was first broadcast oat 3pm Wednesday the 24th of January 2024)