Pension Underpayment - Lump-sum TAX issue

xylophone

http://www.taxfix.co.uk/forum/articles/ow-to-get-a-copy-of-your-p60.html

HM Revenue and Customs (HMRC) cannot provide a duplicate of your P60.
If you need a copy of your P60 from more than three years ago, it is unlikely that you will be able to get one. Your employer may be able to provide you with a ‘statement of earnings’ on company headed paper which should act as a replacement for a P60.

Alternatively, you should contact your Tax Office. Your tax office will be able to provide you with alternative, official information regarding the amount of tax that you paid.

But of course the above is not an official source. This is: http://www.hmrc.gov.uk/sa/record-keeping.htm


"If your records are lost or destroyed


If your records are lost or destroyed and you can't replace them, you must tell HMRC what has happened. You should try to get the missing information in other ways. For example, you can ask banks for interest figures or copies of bank statements, but they may charge for this.
Don't delay sending in the tax return while you wait for copies of records. Use the information you've managed to get together to fill in the tax return. Where it turns out you can't replace the information you'll need to estimate the missing figures. You must tell HMRC if any figures are:
estimated - you want HMRC to accept these as final
provisional - you are using these until you can confirm them (you must tell HMRC when you will give actual figures)
If you provide actual figures at a later date and you've underpaid tax there may be interest and penalties to pay."

JazzyJim

Hi,

Just a final update on this one.

After a long, hard slog HMRC have re-assessed the tax on the lump sum and given back all the 40% and 50% band tax paid.

He ended up phoning his previous employer and asking for statement of earnings (on headed paper) for the years he was missing a P60.

So that's £33k back that he didn't even know he was entitled to!

To sum up for anyone having to do this in the future:

• HMRC are super slow - don't let that put you off. They do everything in writing and it can be a month between replies.
• You'll need all P60s (or equivalent statement of earnings) for each year of the underpayment, they'll also want you to complete a tax return for the year of the lump sum.

Thanks to everyone who took the time to read or reply.

gadgetmind

Well done on sticking with it. Your father must be delighted!

kidmugsy

JazzyJim wrote: »

we felt the pension monthly payment at the time was too low, but were told it was correct

I sympathise: I know that my principal pension must be right, or nearly so, because my employment record with the outfit in question was straightforward. But we have no realistic way of checking my wife's, which covers a rather intricate history. The pension scheme itself made four (or was it five?) attempts to calculate it; was their last one right? God knows.

This seems to me to be an intrinsic weakness of DB schemes.

Anyway, congrats; your persistence has been rewarded.

atush

So glad to hear the outcome, so how have things been for your father with the higher pension paid?

Does he have some fun plans for some of the 33K he is getting.has gotten back?

and yes, at that time you posted this I was thinking they would need proof of his income for the years he received the lower pension- they would need to check the tax paid. Having said this, that should be easy enough for HMRC to look up thru their own records, we have to fill out yearly returns so keep them forever. I probably have US tax returns from the 80's somewhere lol

So your telling us the end of the story will help as anyone trying to reclaim the tax can get this paperwork in, copied (in case HMRC lose it) and sent in the beginning of the claim.

Is he getting interest on the tax overpaid?

xylophone

He ended up phoning his previous employer and asking for statement of earnings (on headed paper) for the years he was missing a P60

Well done "taxfix" - (post 12).

And well done you!