Paying £2880 into pension when retired

Dazed_and_confused

Not really.

It could be £3,600.

It could be £2,700.

Have you not got a P60 from the pension payer?

clivep

The 25% tax free lump sum part of an UFPLS does not get entered on a tax return.

For £2,880 paid in, this is grossed up by the £720 and £3,600 is the correct figure to enter on the tax return for contributions.

For £3,600 taken out, £900 is tax free lump sum and the rest is taxable pension income so £2,700 is the correct amount to declare on the tax return.

Dazed_and_confused

At the moment I don't think we actually know the op is making withdrawals using UFPLS.

They have stated twice the pension income is £3,600 so until the op can clarify exactly what they have done I don't think we are in a position to say the taxable income is only £2,700.

It may be £2,700 but not necessarily.

nxdmsandkaskdjaqd

Dazed_and_confused wrote: »

At the moment I don't think we actually know the op is making withdrawals using UFPLS.

They have stated twice the pension income is £3,600 so until the op can clarify exactly what they have done I don't think we are in a position to say the taxable income is only £2,700.

It may be £2,700 but not necessarily.

I am not sure. I can add it's a HL SIPP and I using the method described in this thread. So I paid into the SIPP £2880 received £720 from the Tax Man and then withdraw the £3600 in its entirety. I always leave £1000 in the SIPP as Cash (from previous years).

Does this now help?

I did speak to HL this year about a tax certificate but they stated that they do not do this anymore. So I copied the transactions from my HL Transactions Log.

Dazed_and_confused

Sadly not.

I wasn't aware Hargreaves Lansdown could make up their own rules when it comes to tax requirements!

HL should be able to tell you in a two minute phone call how your £3,600 was made up.

From what you have posted it is either,

£3,600 taxable pension income
or
£900 TFLS and £2,700 taxable pension income

nxdmsandkaskdjaqd

Dazed_and_confused wrote: »

Sadly not.
£3,600 taxable pension income
or
£900 TFLS and £2,700 taxable pension income

I have just spoken to HL. They say UFPLS was the method of withdraw.

So £3,600 taxable pension income gets put on the tax return, is that correct?

Dazed_and_confused

No.

They say UFPLS was the method of withdraw.

Doesn't that mean it was split 25% TFLS (£900) and 75% taxable income (£2,700).

nxdmsandkaskdjaqd

Dazed_and_confused wrote: »

No.

Doesn't that mean it was split 25% TFLS (£900) and 75% taxable income (£2,700).

HL say that the above is correct. So what do I put in the boxes?

Dazed_and_confused

You enter £2,700 (and if tax was deducted enter that in the appropriate box).

There is nowhere to enter the TFLS as that is not taxable income.

Audaxer

nxdmsandkaskdjaqd wrote: »

I have just spoken to HL. They say UFPLS was the method of withdraw.

So £3,600 taxable pension income gets put on the tax return, is that correct?

No, you withdrew £3,600 but only £2,700 was taxable pension income, so that means you should put £2,700 in Box 11. As you are not a tax payer, no tax should have been taken off that amount, so you should be putting 0.00 in Box 12.