The National Insurance shortfall works out at an average of £138 per affected person The UK tax authorities have failed to credit £1.3bn in National Insurance Contributions, according to an MP.
Ian Liddell-Grainger, who chairs the All Party Parliamentary Taxation Group, said HM Revenue & Customs is "sitting on a National Insurance time bomb".
He said the unaccredited contributions built up over the last five years affect more than nine million people.
The £1.3bn total is equivalent to £138 per affected person, or less than 0.1% of the UK's annual economic output.
However, the impact on some individuals may be much greater than the average suggests.
"These figures demonstrate why the coalition government is right to bring forward proposals for real-time PAYE reform," said the MP in a press release.
"However, the pace of change must not slow as we really do need a taxation system in the UK that is fit for purpose."
Last year HM Revenue & Customs (HMRC) integrated various government databases, allowing it to identify incorrect PAYE codes.
The move means that in future the tax authority should be able to adjust individuals' codes immediately as their circumstances change.
However, the systems integration also enabled HMRC to spot previous PAYE errors made over several years, leading to tax refunds or additional tax claims for hundreds of thousands of individuals.
This article is from the BBC News website. � British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.
Source: http://www.bbc.co.uk/go/rss/int/news/-/news/business-12283195
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