UFPLS and tax - Self Assessment

tigerspill

Hi,
I hope someone can help.
I took my pension a couple of months ago.  This was a DB pension with a Lump Sum and AVCs.  The total lump sum paid was more than 25%.  The scheme rules were such that the option I chose was to take all the lump sum (the taxable element was taken as UFPLS).  This was taxed as exactly 40% (I believe using an emergency tax code).
My overall tax position for the year is that I will be a long way short of the 50K HRT band.  I will have a small level on monthly income.  So some of my £12,500 tax free allowance should apply to this lump sum plus the rest at BRT 20%.
So I am owed tax back from HMRC and I plan to claim this back through my self assessment in the new FY.
Can anyone help as to where I enter this UFPLS lump sum on the SA return?
Apologies if I have some of the terminology wrong.
Thanks

Dazed_and_C0nfused

This was taxed as exactly 40% (I believe using an emergency tax code).

The emergency tax code would very rarely result in exactly 40% tax being deducted as it allows the first £1,042 to be paid without any tax being deducted, then some at 20% before any 40% or 45% tax is deducted.

Have you got the actual figures?

I plan to claim this back through my self assessment in the new FY.

You cannot claim specific things back through a Self Assessment return.  The taxable element will simply be part of your Self Assessment calculation and credit will be allowed for the tax deducted.  If the overall outcome for the tax year as a whole is an overpayment then you will get any tax overpaid back.

Can anyone help as to where I enter this UFPLS lump sum on the SA return?

You enter it in the pension income section just like any other (non State) pension income.

tigerspill

Dazed_and_C0nfused said:

This was taxed as exactly 40% (I believe using an emergency tax code).

The emergency tax code would very rarely result in exactly 40% tax being deducted as it allows the first £1,042 to be paid without any tax being deducted, then some at 20% before any 40% or 45% tax is deducted.

Have you got the actual figures?

I plan to claim this back through my self assessment in the new FY.

You cannot claim specific things back through a Self Assessment return.  The taxable element will simply be part of your Self Assessment calculation and credit will be allowed for the tax deducted.  If the overall outcome for the tax year as a whole is an overpayment then you will get any tax overpaid back.

Can anyone help as to where I enter this UFPLS lump sum on the SA return?

You enter it in the pension income section just like any other (non State) pension income.

Thank you for responding.
The tax code used for this is K146
The gross amount was £32,128;  and tax paid is £12,738.

Dazed_and_C0nfused

That is very odd as the emergency code would have resulted in tax of £12,738 (a mix of 0%, 20%, 40% and 45%).

Tax code K146, which I suspect you are confusing with something else, would have resulted in tax of £13,262.50 being deducted.

tigerspill

Dazed_and_C0nfused said:

That is very odd as the emergency code would have resulted in tax of £12,738 (a mix of 0%, 20%, 40% and 45%).

Tax code K146, which I suspect you are confusing with something else, would have resulted in tax of £13,262.50 being deducted.

I think you may be right that I am confusing the K146 Tax code and that it doesnt relate to the pension at all.  I think I need to look in more detail at that.
But as to my main question about where to enter this on my SA form, I think you have answered this - Thank you.