Tax refund on funds obtained from Personal Pension

KarenFranc62

Approximately 2 years ago I claimed the entire contents of my personal pension pot, being over the age of 55. Unfortunately those funds after the first £12,000 were taxed at 20%. Is it possible to claim back any of this tax paid? I am still working in a part time capacity and have a workplace personal pension in place. Thank you for any advice you can give me. 

molerat

If you were working and paying tax at the time you may actually owe them some tax.  Which tax year was this in, I am surprised this has not been sorted automatically. If you do have a claim the form you need to fill in is here https://www.gov.uk/government/publications/income-tax-repayment-claim-when-small-pension-taken-as-a-lump-sum-p53 or maybe give HMRC a call if it was before the 2019-20 tax year.

[Deleted User]

molerat said:

If you were working and paying tax at the time you may actually owe them some tax.  Which tax year was this in, I am surprised this has not been sorted automatically. If you do have a claim the form you need to fill in is here https://www.gov.uk/government/publications/income-tax-repayment-claim-when-small-pension-taken-as-a-lump-sum-p53 or maybe give HMRC a call if it was before the 2019-20 tax year.

I had originally read it as I think you have (apologies if you haven’t). Could it be the case that the 12000 mentioned by the op is the 25% tax free amount as opposed to the 12000 -ish personal allowance? Perhaps there are some personal allowances not utilised at the part-time job?

xylophone

 I am still working in a part time capacity and have a workplace personal pension in place. 

Bearing in mind the Money Purchase Annual Allowance?

Is the £12000 you mention the tax free pension commencement lump sum? You were left with £36,000 which you took as income in 2018-19?

What other income did you have in that tax year?