lump sum payout and yearly annuty aged 40

col2462

I am scared to ask incase they come back and say i was paid the money by mistake.

jem16

col2462 wrote: »

I am scared to ask incase they come back and say i was paid the money by mistake.

As you have contacted HMRC and they are investigating, they are likely to get in touch with FP if they think there is a problem.

Rather than worrying about it you should contact them immediately.

col2462

one more question should HMRC & FP know my age from my NI number

nearlyrich

It makes sense to find out the facts rather than worry away about what might be nothing to worry about. The tax office and FP should be able to get to the bottom of it and if you do have to pay something back they should be reasonable about what you can afford to pay. On the scale of tax evasion issues your numbers are small fry and it's really not worth dying for.

col2462

I am worried i was offered this lump sum and annuity by mistake since i was only 40 years old at the time?

jem16

col2462 wrote: »

one more question should HMRC & FP know my age from my NI number

Your NI number should certainly tie up with your records at HMRC. Whether it tells FP anything I have no idea.

col2462 wrote: »

I am worried i was offered this lump sum and annuity by mistake since i was only 40 years old at the time?

I know you are worried. However only FP can clarify exactly what kind of annuity you have and why they were able to offer you it age 40.

ffacoffipawb

col2462 wrote: »

tax code NT SUCICIDAL WITH WORRY

An unusual tax code to say the least!

jamesd

It's not something that should prompt huge worry. You can't be forced to pay more than is affordable for a normal person and prison time isn't really an option for HMRC for situations like this. If you just don't have much money then all that that will mean is that you won't be paying back any money very quickly.

From your description this money is redress for a mis-sale, not a normal pension. That may be how the age 40 part for the annuity came about.

Chances are that there is some back tax to pay and also some penalty related to the amount of tax owed. You'll have greatly reduced the possible penalty value by contacting HMRC about it yourself, so it's unlikely to be a huge amount more than any back tax.

col2462

I still cant understand why i was offered the lump sum and annuity at the time i needed the money and never questioned it, now 10 years on i get my first p60 phone hmrc because of my NT tax code and iam in a panic

col2462

The lump sum was £10,000 paid right to my bank, does this sound right