Tax refund from pension lump sum

Thrugelmir

Complete a self assessment return online. That'll speed things up. Refunds normally come through in a matter of 2/3 weeks.

Please_explain...

"Complete a self assessment return online. That'll speed things up. Refunds normally come through in a matter of 2/3 weeks"


A quick look at the HMRC site says that just registering for self assessment will take several weeks...

Please_explain...

digannio wrote: »

I would always make a claim immediately for any overpaid tax rather than leave it in the lap of HMRC to get round to. For a start, they are understaffed and overworked and you may well be at the end of a very long queue, so it could take some time to sort you out if you leave it to them and nothing is likely to happen until after the end of the tax year. If you apply now, they will act on it. I would guess you probably need the money now more than they do.

As regards your emergency tax code, the best thing you can do is to call HMRC and try to get it put right on the phone. You will have to wait a while to get through but you may well be able to get it put right if you explain your position. A SIPP provider won't contact HMRC to find out your correct tax code but will adjust it when HMRC contact them. You can instigate that.

The second part of your reply spurred me to phone HMRC - after the automated questions I got through instantly, as I have before - and was told that they would tell my pension provider they needn't take any tax off this year's lump sum but that there's a good chance my PP will ignore this and simply apply the emergency code anyway, but it's worth a try. They said they'd send a copy to me as well which I can forward with my UFPLS application as a reminder to the PP. It'll be great if it works, so thanks for that. As to getting the tax back on March's payment, they said that should come through automatically by the end of May. So all is good.