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

molerat

https://www.gov.uk/government/publications/flexibly-accessed-pension-payment-repayment-claim-tax-year-2015-2016-p55

Working OK here

speedyrite

stew6542 wrote: »

Been trying for hours, anyone know how to access the form p55. I just get the Please wait...
If this message is not eventually replaced by the proper contents of the document, your PDF viewer may not be able to display this type of document. Then nothing. Got the latest version of Adobe but nothing. Thanks

See post number 6 in this thread - do what it says in that post when you are on the page that says "Please wait" to save the form to your computer, and then open the saved form using Adobe Reader.

margaretclare

Thanks to all for the useful info. I'm in process of cashing-in the whole of my SIPP, some £6K, a piddling amount really in the grand scheme of things, but it can be put to better use. So when I get my P45, fill in P55 and send the whole lot off to HMRC.

pafpcg

If you're cashing-in the *whole* of the pension pot, then use either form P50Z (if you don't receive employment income or employment-related benefits) or one of the variants of the forms in the P53 series (if you still receive employment income or employment-related benefits).

These forms are also available for download on the HMRC web-page linked to in Molerat's posting above.

stew6542

Ok got it now. As stated somewhere earlier in the thread use the icon buttons below the page that says wait and download to desktop

margaretclare

It's P50Z then. Thank you, pafpcg.

SnowMan

Some new information about using the P50Z, P53Z and P55 is in HMRC Pension Schemes newsletter 69 (June 2015)

https://www.gov.uk/government/publications/pension-schemes-newsletter-69-june-2015/pension-schemes-newsletter-69-june-2015

Pension flexibility

a. Pension flexibility - April 2016 changes

Since the pension flexibility changes took effect from 6 April 2015 we are now starting to work on the April 2016 changes which includes changes to the pension death benefit rules. Following feedback, we are keen to work more closely with the pensions industry over the next year and would welcome your thoughts on how we can achieve this, including how we communicate key messages throughout the year.

Please email your thoughts on this to email:

[EMAIL="pensions.businessdelivery@hmrc.gsi.gov.uk"]pensions.businessdelivery@hmrc.gsi.gov.uk[/EMAIL] and put ‘Pension Flexibility - Feedback’ in the subject line of your email.


b. Pension flexibility - in-year repayments

In Pension schemes newsletter 68, we told you about the new in-year repayment processes for individuals taking pension flexibility payments and explained that there are 3 new forms which should be used in these cases - the P50Z, the P53Z and the P55.

We have a 30 day turnaround (from the date the information is received by HMRC) for processing these new forms.

We are aware that individuals are using the standard P50 and P53 forms to request in-year repayments where a pension flexibility payment has been taken. However, this means that repayments claimed in this way do not fall within the priority 30 day processing deadline.

Please remind your members that to avoid unnecessary delays, they should use these new forms to request in-year repayments where a pension flexibility payment has been taken from a registered pension scheme.

You can find more information on how members can claim in-year repayments of tax deducted from their pension flexibility payments, including links to forms P50Z, P53Z and P55.


c. Pension flexibility - form P55

Following questions about form P55, we can confirm that there is nothing to stop an individual from using this form to claim an in-year repayment, regardless of whether they intend to take more than one pension flexibility payment in a year in respect of the same pension scheme.

Where an individual submits an in-year repayment claim using form P55, HMRC will process any repayments and issue a revised tax code to the pension scheme administrator to be applied against any further payments.

If we receive a subsequent P55 claim form in respect of the same individual in that tax year, this will be processed as normal taking into account any repayment that has already been made.

As part of our usual review process, we will ensure that the form reflects this in due course.

clivep

I sent my p55 in on 21st May and have not heard anything (not even an acknowledgement) so they are not managing a 30 day turnaround in my case!

clivep

I've still not heard anything from HMRC about my tax refund.

I just tried the "Where's My Reply?" form on the HMRC site and this says I can expect a reply by 31st July. However, this doesn't take account of the priority treatment the P55 is supposed to get for the 30 day turnaround.

After 35 minutes in a queue I finally got through to HMRC on the phone and they say I should get a reply by 7th August! They couldn't even confirm the P55 had been received as they say it won't have been put on the system yet.

speedyrite

Sounds like HMRC's "P55 processing unit" is getting busier as the tax year progresses. I got a turnaround time of about 3 weeks from posting it off to receipt of a cheque when I sent mine to them late April. I think it's a highly manual process, by which I mean all paper forms & handling and no electronic tracking from the customer's point of view.