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As a lawyer, I would disagree. Spending it would be frowned upon. Keeping it safe until they ask for it back would be considered perfectly fine. Telling them about would get you a gold star, but would be legally unnecessary.
Brommers-
What about the legality of making interest on it while it rests in your account?
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Hmm, as an accountant at one point the (ludicrously overkill) instruction going out to accountants from on high was that SARs had to be filed for businesses who were aware that they had been overpaid and hadn't made an effort to repay the amount.
I don't know what the basis for that was but I assumed that there must be some legal basis.
withered_preacher
aggi
It's not taxable (assuming you're paying it back) but keeping it when you know it's an overpayment is very much frowned upon from a legal perspective.