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

Ali_Edwards

Okay I may be being dumb here.

Form P55 - reclaiming overpaid tax on part pension withdrawal.

Question 12 asks about pension income and includes 'flexible pension payments paid as lump sums'

Can anybody tell me if I should include the lump sum I have just had or is this section for any further lump sums I intend to take in this tax year?

Ali

speedyrite

Here's my answer to your question:

If this is your first "withdrawal" then answer "No" to Q12.

Otherwise, answer "yes" to Q12 and give details of all other pension income for 2015/16 (i.e. excluding this "withdrawal").

My reasoning for the exclusion of this "withdrawal" is that page 1 of the form states "please complete this form with details of any other income that you expect to receive during the tax year".

Likewise I would ignore any future "withdrawals" that you might (or might not!) take later in the tax year - because it hasn't happened yet...



NB. The form P55 page https://www.gov.uk/government/publications/flexibly-accessed-pension-payment-repayment-claim-tax-year-2015-2016-p55 was updated on 13 July. There is now a print & complete form, and the updateable pdf form is easier to use.

clivep

A good question - I've just had a double take and thought I'd completed the form wrongly as I had not included the withdrawal I'm making the claim for in the section for UK pension income.

My older version of the PDF form also states "please complete this form with details of any other income that you expect to receive during the tax year" so according to that our thinking is correct.

However, my old version P55 that I submitted is the one that stated "Use this form to claim back tax we owe you on a flexibility payment you recently received where you have only taken one payment and do not intend to take a further payment this tax year" before they changed this.

Yet regarding the UK pension income the "?" pop-up says "Include in this section income from pension annuities, workplace, occupational and personal pensions, small pensions (trivial commutation) and flexible pension payments paid as lump sums (only enter the taxable part of the flexible payment)".

So since with this version P55 they were saying only 1 UFPLS in the year and they want UFPLS details included under UK pension income then would this not mean that the lump sum I'm claiming the tax refund for should indeed be included?

clivep

One last update:

The cheque for the refund finally arrived today almost exactly 3 months after sending in the P55 and 3 times their quoted turnaround time of 30 days!

colin179

Hi, I'm trying to fill in the online P55 to get a refund of tax taken from a pension payment. I have retired and I don't have a number for the PAYE (Question 8 Page 1), the form will not allow me to proceed until all fields are completed on the page.
Does anyone know what to enter here?
I appreciate the help

No_6

2 months of waiting for me, after receiving a letter returning some papers, that I had sent them,
saying her college will deal with my request, for too much tax paid.... soon



6

flobbalobbalob

Hi Clivep - hope your still around,

I'm pleased to see you successfully received your tax refund so you must have filled Q12 in correctly. (or left blank correctly).

I now fully understand your post and the contradictions you highlighted. The current version of the P55 is still confusing the hell out of me.

I'm running out of correction fluid now, so could you tell if the lump sum I'm claiming the tax refund for should be included?

Steve.