Help Please - Which Tax form?

rizla01

I Need help in deciding which is the correct form for me to fill out.

They BOTH seem appropriate but surely someone else must have come across this problem and I cant find the answer on the HMRC site.
So, P50Z or P53Z? Which?

I had two private pensions.

I cashed one in, held by Friends Life (It was only worth about £900) and need to claim the tax paid.

I have emptied the pot of THAT pension but obviously not my entire private pension which is held with a different Company. I intend to drain that over the next 5 yrs by draw-down, (keeping below the max limit for earning allowance)

I do receive benefits by way of State Pension only. (Is that a benefit)

Slightly confused.

Thanks for reading.

xylophone

I think it might be this one - P53

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/497759/P53_01_16_V1.0.pdf

rizla01

xylophone wrote: »

I think it might be this one - P53

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/497759/P53_01_16_V1.0.pdf

Here is the confusing bit.

I only get the State pension so should I take that into consideration or not?

I have TWO private pensions - One untouched so far so in emptying ONE of them have I used up my Pension Pot or not?


If the payment used up your pension pot and you have no other income in the tax year, fill in form P50.

If the payment used up your pension pot and you have other taxable income, fill in form P53.

State pension is Taxable plus I have interest on savings.

xylophone

You say that you have taken a small pension as a lump sum - you wish to reclaim the tax.

In which tax year did you take this pension? This is the year for which details are required.

The appropriate form to complete seems to be the P53 referenced in my previous post - complete with the details required.

Enter details of taxable part of the small pension taken as lump sum at Q14.

You give details of state pension at Q15.

Enter details of savings income on boxes on page 5 of the form.

Note that the form points you to help if you need it.

"For further guidance you can call Tax Help for Older People
on 0845 601 3321 or 01308 488 066."

Ian011

xylophone wrote: »

"For further guidance you can call Tax Help for Older People
on 0845 601 3321 or 01308 488 066."

Beware the 0845 number is premium rate and their website fails to give the required call cost declaration.

The 01308 number will be a cheaper call on every landline and mobile network.