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UK retirees may be eligible for tax refunds on their pension income, HMRC clarifies.
HMRC clarified that retirees may be entitled to a tax refund on their pension income.
Once pension payments begin, individuals can request their tax-free allowance to be applied to their pension, helping avoid overpayment.
If overcharged, a refund will be issued.
The tax-free allowance is reduced for those earning over £100,000.
Pensioners can typically start drawing from their pensions at 55, though the state pension age is rising to 67 and then 68.
To receive the full state pension, 35 years of National Insurance contributions are usually needed.
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Los jubilados del Reino Unido pueden ser elegibles para reembolsos fiscales sobre sus ingresos de pensión, aclara HMRC.