P55 form to reclaim tax on UFPLS when taking a single payment/year

clivep

P55
Individuals should only use the P55 form if they’ve taken a pension flexibility payment that does not use up all of that fund they have only taken one payment and do not intend to take a further payment from the same pension scheme this tax year and the pension body is unable to make any tax refun.

speedyrite

I've had a look at form P55. The instructions are to fill it in, print it off, sign it and then send it to HMRC together with parts 2 and 3 of all the P45 forms that you have received for lump sum payments.

I have spoken to my SIPP provider and they have said that they do not provide a P45 when taking a UFPLS that does not withdraw the whole amount of the fund.

Sort of a catch-22 situation there then!?

clivep

Your pension provider is correct in that there is no P45 for a UFPLS that does not empty the pot. Any queries about the form need to be addressed to HMRC.

You are correct in that the form says to send all P45s however, as no P45s will have been received, then the correct valid number of P45s to send will be zero. It certainly could have been worded better.

It doesn't say to send any paperwork (payslip?) for the payment you receive or the amount of tax you are claiming or indeed which pension provider deducted the tax. I know that the pension providers send the details to HMRC electronically but I would have expected that some documentation needed to be sent with the P55.

speedyrite

clivep wrote: »

It certainly could have been worded better.

Agreed.

clivep wrote: »

It doesn't say to send any paperwork (payslip?) for the payment you receive or the amount of tax you are claiming or indeed which pension provider deducted the tax. I know that the pension providers send the details to HMRC electronically but I would have expected that some documentation needed to be sent with the P55.

There is indeed no section at all on the form to detail the UFPLS payment & tax deducted. It will be interesting to see how it gets processed once sent to them. I suppose the worst that can happen is rejection and having to wait until the end of the tax year to get it back.

Listercat

The information in the thread is very useful however, having visited the gov.uk site to download the form it just won't work. I have upgraded Adobe as requested but still nothing. I cannot find anywhere else to get it. Cam anyone help please?

speedyrite

Click through to the page representing the form then move your cursor towards the bottom right corner of the screen - this will activate the icons to save, print etc. Save the form to your computer and then open it with Adobe Reader.

The form was updated two days ago from P55v1_1.pdf to P55v1_3.pdf and no longer refers to needing to send it to HMRC with parts 2 and 3 of all the forms P45 issued by the pension provider,

clivep

speedyrite wrote: »

The form was updated two days ago from P55v1_1.pdf to P55v1_3.pdf and no longer refers to needing to send it to HMRC with parts 2 and 3 of all the forms P45 issued by the pension provider,

They really thought this through didn't they!!!

Hasher

Has anyone received a rebate resulting from a P55?

I have completed form P55. Can HMRC identify my drawdown transaction? I did not give any details, reference for this.

Monmax

speedyrite wrote: »

Click through to the page representing the form then move your cursor towards the bottom right corner of the screen - this will activate the icons to save, print etc. Save the form to your computer and then open it with Adobe Reader.

The form was updated two days ago from P55v1_1.pdf to P55v1_3.pdf and no longer refers to needing to send it to HMRC with parts 2 and 3 of all the forms P45 issued by the pension provider,

Thanks so much for this. I have now completed the form and will send it off next week. Will keep everyone posted on how I get on. Not holding my breath!

EssexIFA

Does anyone know whether it is possible to print off a blank paper copy of the P55 form to take with me to a client who does not use the internet?


I can't work out how to do so.


Many thanks

dunstonh

EssexIFA wrote: »

Does anyone know whether it is possible to print off a blank paper copy of the P55 form to take with me to a client who does not use the internet?


I can't work out how to do so.


Many thanks

I tried last week and it said it was not currently available.