Pension Tax refund

by Aspiring Training on August 26, 2015 No comments

If you have taken a cash lump sum from your pension pot since April you may have been surprised by the amount of tax deducted from the payment. In most cases the pension company will have calculated the tax using an emergency PAYE code, which generally means more tax was deducted than you are due to pay.

You should get that tax refunded when you submit your self-assessment return at the end of the tax year.

Alternatively you can make a tax refund claim now by completing one of the special forms for this purpose on the GOV.UK website.

There are three different forms: P55, P50Z, and P53Z. The form you need depends on whether you have any other income or not, and whether you have taken out your full pension pot or not. We can advise you which tax reclaim is right for your circumstances.

Aspiring TrainingPension Tax refund

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