Emergency tax question on pension lump sum

bill_fortan

I am taking a cash payment out on my private pension very soon, as its not worth getting paid a yearly sum on it.

The pension company says I have to pay x amount on tax and will be deducted
by them based on emergency tax, (seems to be a standard method by pension companies, as you have to claim back tax from tax office)

Can you [please tell me what form I will need from tax office to claim back some of this tax back, I know I will not get all of it back. Also where do I get this form. Thanks.... .Bill.

PS..it has to be a paper form as i am no good with online forms.

Dazed_and_confused

How much taxable pension are you taking? The emergency tax code doesn't always mean tax is deducted.

The form probably depends on exactly what type of payment you are taking.

The forms are available on gov.uk - look for the print and post versions. P53 and P55 were a couple but there may be others depending on your exact circumstances.

bill_fortan

Thanks, will look at those forms.... I am taking all my small private pension after the tax year (April 7th) as its not worth an annual payout of a low amount, and been told to claim back emergency tax.

Linton

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


The emergency tax code isnt just pensions. Its an inherent feature of PAYE whereby HMRC cannot issue the correct tax code until they know you have an additional "employment". This only happens after they have been notified by the "employer" of the first ever payment.

xylophone

See https://adviser.royallondon.com/technical-central/pensions/benefit-options/emergency-tax-and-lump-sum-withdrawals/