Prudential 4 Million Pound Error
Published / Last Updated on 12/04/2011
Prudential 4 Million Pound Error.
An error by Prudential failing to claim back tax credits on investment returns, will now result in them having to pay back a total of £4m to 39,000 customers. The error occurred between June 2004 and December 2008 in relation to Scottish Amicable unit-linked pension plans.
Tax is deducted from investment income earned by unit-linked pension funds and recovered against Prudential’s tax liability, but following an audit they discovered some inconsistency in the way the tax credits were paid for some of the unit-linked fund range.
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