TAILIEUCHUNG - What happens if we’ve paid you too much tax credit?

In Section V, we discuss how our theory contributes to the literature on contracting with timeinconsistent or irrational consumers and relates to neoclassical screening. We are not aware of a theory with rational time-consistent borrowers that explains the key contract features predicted by our model, and we argue that natural specifications do not do so. Because the main predictions of our model are about repayment terms, the most likely neoclassical screening explanation would revolve around heterogeneity in borrowers’ ability to repay the loan early. If borrowers know at the time of contracting whether they can repay fast, a lender will offer an expensive loan with back-loaded repayment. | HM Revenue Customs What happens if we ve paid you too much tax credit Code of Practice COP26 Contents Introduction 1 When you can appeal 1 When you should dispute an overpayment 1 How we work out the amount of your tax credits 2 How an overpayment happens 2 Changes in your circumstances or income 3 If you separate from your partner your partner dies or you start living with a partner 3 Our responsibilities and yours 4 If we fail to meet our responsibilities 5 If you fail to meet your responsibilities 6 If we both fail to meet our responsibilities 7 If it takes you some time to tell us we didn t meet our responsibilities 7 Exceptional circumstances 7 Challenging the recovery of an overpayment 7 How to dispute an overpayment 7 How we decide whether you should pay back some or all of an overpayment 8 If you still think you shouldn t pay back an overpayment 9 Paying back an overpayment 9 From an ongoing award 9 By direct payment 10 From an ongoing award and by direct payment 10 Asking for more time to pay back a direct payment 10 Financial hardship 11 If you can t pay for your essential living expenses 11 If you and your partner separate 11 Contact us 13 Customer service 13 Your rights and obligations 13 Putting things right 13 We have a range of services for people with disabilities including guidance in Braille audio and large print. All of our leaflets are also available in large print. Please contact us on any of our phone helplines if you need these services. This leaflet explains why overpayments happen and how to pay them back. It alsO tells you when you don t have to pay them back and how to dispute an overpayment. Introduction An overpayment means we ve paid you more money than you re entitled to. When you can appeal You can appeal if you think the amount of tax credits you were awarded was wrong. You must normally do this within 30 days of the date shown on your decision notice. You can also appeal against any penalty we ve imposed in connection with your tax