Unclaimed Savings: Thousands Owe Money From HMRC

Aria Freeman

5 min read

Post on May 20, 2025

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Why is HMRC Holding Your Money?

HMRC may be holding onto your money for several reasons. Understanding these reasons is the first step in reclaiming your unclaimed funds. Common causes of unclaimed savings include:

• Overpaid tax: This is perhaps the most common reason. Incorrect tax calculations, changes in your circumstances (like marriage, divorce, or a change in employment), or errors in your tax return can lead to HMRC overpaying you, resulting in a debt owed back to them. It can also work the other way; they may have underpaid you, meaning you're owed a tax refund.

• Unclaimed tax credits: If you're eligible for tax credits like Child Benefit or Working Tax Credit, and you haven't claimed them or haven't updated your details, you might have unclaimed savings. Eligibility changes, missed applications, or administrative errors can all contribute to this.

• Forgotten savings accounts: Many people have old savings accounts or ISAs that they've forgotten about. If these accounts have accrued interest and HMRC has a record of them, this could be contributing to your unclaimed funds.

• Deceased estates: Unclaimed inheritance tax rebates are another significant source of unclaimed money. If you are an executor or beneficiary of an estate, it's crucial to check for any outstanding rebates.

Here are some specific situations that could lead to unclaimed HMRC money:

• Incorrect tax codes: A wrong tax code can result in overpayment or underpayment of tax.
• Changes in employment status: Moving from employed to self-employed or vice versa can impact your tax liability and potentially lead to unclaimed funds.
• Recent changes to the tax system: New legislation or changes in allowances can sometimes result in overpayments or underpayments.
• Unclaimed Child Benefit or other tax credits: Regularly reviewing your entitlement to benefits is crucial to ensure you're not missing out on payments.

How to Check for Unclaimed Savings from HMRC

Checking for unclaimed savings from HMRC is relatively straightforward, thanks to their online portal. Here's a step-by-step guide:

1. Visit the official GOV.UK website: Ensure you are on the official government website to avoid scams.

2. Create or log into your HMRC online account: If you don't already have an online account, you'll need to create one. This will require your National Insurance number and other personal details.

3. Navigate to the section for tax refunds or unclaimed savings: The exact location of this section might vary slightly, but you should find it easily using the search function on the HMRC website. Look for terms like "tax refund," "check your tax," or "unclaimed savings."

4. Provide necessary details (National Insurance number etc.): You'll need your National Insurance number and other identifying information to access your tax records.

5. Check for any outstanding payments: The portal will display your tax history and any outstanding payments owed to you. Take your time reviewing this information thoroughly.

Claiming Your Unclaimed Savings

Once you've identified unclaimed savings, claiming your money is the next step. The process is generally straightforward, but having the right documentation will speed things up.

• Gather necessary documentation: This might include payslips, bank statements, proof of address, and any other relevant documents that support your claim.

• Complete the required claim form online or by post: HMRC usually prefers online submissions, as this makes the process faster. However, if you need to, you can submit your claim by post. Ensure you fill in all details accurately and legibly.

• Submit your claim to HMRC: Once you've completed the form and gathered all necessary documents, submit your claim through the online portal or by post, following the instructions provided.

• Track your application status online: You can typically track the progress of your application online through your HMRC account.

• Understand potential delays or rejection reasons: Be aware that processing times can vary, and your claim might be delayed or rejected if information is missing or inaccurate. If this happens, contact HMRC immediately to resolve any issues.

Seeking Help with Your Claim

Navigating the HMRC system can sometimes be challenging. If you encounter difficulties, don't hesitate to seek help.

• Contact HMRC helpline for assistance: HMRC offers a helpline where you can speak to a representative who can answer your questions and guide you through the process.

• Consult a tax advisor for complex situations: For complex cases or if you have significant unclaimed savings, consider consulting a tax advisor. They can provide expert advice and help you navigate the complexities of the claim process.

• Seek advice from Citizens Advice or other relevant charities: Organizations like Citizens Advice offer free guidance on various financial matters, including dealing with HMRC.

Conclusion

Don't leave money on the table! Checking for your unclaimed savings from HMRC is a simple process that could result in a significant financial boost. By following the steps outlined in this article and utilizing the HMRC online portal, you can easily check for and reclaim any unclaimed money owed to you. From overpaid tax to forgotten savings accounts, reclaiming your rightful unclaimed funds from HMRC could be easier than you think. Secure your unclaimed tax rebates and find your unclaimed money today! Visit the GOV.UK website and start your claim now.