Help filling in form P55 [Tax back from drawdown]

elouise01296

If you took the withdrawal before 6 April 2020 then that was in the 2019/2020 tax year?

sparky0138

drumtochty said:

No reason in your case to put those specific dividends in the form as the ISA is outwith taxable income and the SIPP dividends are liable to tax after they are in a pension payment from the SIPP which is when you report them to HMRC as a pension payment not dividends.

I'm helping my mum fill in form P55 after she took an UFPLS from a cash SIPP. We're onto the question:

Dividends from companies

Do you expect to receive dividend income from stocks and shares in the current tax year?

Can anyone please confirm that the above advice is correct if she has a Vanguard LifeStrategy Accumulation 60% Equity Fund SIPP? Thanks.

Dazed_and_C0nfused

Dividends paid within a SIPP aren't taxable.

It's the pension income taken from a SIPP that is taxable (but not the 25% TFLS element).