How does UFPLS work with a tax code

Thrugelmir

agent69 said:

Thrugelmir said:

agent69 said:

TVAS said:

I worked for Fidelity I did Flexi Access Drawdown, UFPLS and Small Pot payments.

If you take only part of your money out of a pension pot, and you will not take another cash payment from the pension pot before the end of the tax year, you can claim a tax refund (if appropriate) using form P55.   

I'm in the process of trying to reclaim a refund for last year, and find the whole online process confusing.

I started filling in P55, but when it starts talking about 'will you receive further payments before the end of the tax year' what does it mean.

As the tax year ended the 5th April 2021 has passed. Then your taxable income is known. Any payments made now will be in the 2021/22 tax year. 

But if I am claiming a refund for last year, what is the point of asking me what my income for this year will be?

In order that tax codes can be set more accurately on a provisional basis. 

Dazed_and_C0nfused

agent69 said:

Thrugelmir said:

agent69 said:

TVAS said:

I worked for Fidelity I did Flexi Access Drawdown, UFPLS and Small Pot payments.

If you take only part of your money out of a pension pot, and you will not take another cash payment from the pension pot before the end of the tax year, you can claim a tax refund (if appropriate) using form P55.   

I'm in the process of trying to reclaim a refund for last year, and find the whole online process confusing.

I started filling in P55, but when it starts talking about 'will you receive further payments before the end of the tax year' what does it mean.

As the tax year ended the 5th April 2021 has passed. Then your taxable income is known. Any payments made now will be in the 2021/22 tax year. 

But if I am claiming a refund for last year, what is the point of asking me what my income for this year will be?

Why are you even bothering to do this now?

HMRC will automatically refund any tax overpaid when they review* the 2020:21 tax year over the course of the next few months.

https://www.gov.uk/tax-overpayments-and-underpayments

*doesn't apply to those completing Self Assessment returns for 2020:21.

LHW99

agent69 said:

Thrugelmir said:

agent69 said:

TVAS said:

I worked for Fidelity I did Flexi Access Drawdown, UFPLS and Small Pot payments.

If you take only part of your money out of a pension pot, and you will not take another cash payment from the pension pot before the end of the tax year, you can claim a tax refund (if appropriate) using form P55.   

I'm in the process of trying to reclaim a refund for last year, and find the whole online process confusing.

I started filling in P55, but when it starts talking about 'will you receive further payments before the end of the tax year' what does it mean.

As the tax year ended the 5th April 2021 has passed. Then your taxable income is known. Any payments made now will be in the 2021/22 tax year. 

But if I am claiming a refund for last year, what is the point of asking me what my income for this year will be?

Perhaps because you can use the form at any time of year - so if I took a UFPLS now, I could reclaim any tax overpayment for that, but may perhaps be planning on a second UFPLS next November to pay for Christmas, making that question relevant

agent69

Dazed_and_C0nfused said:

agent69 said:

Thrugelmir said:

agent69 said:

TVAS said:

I worked for Fidelity I did Flexi Access Drawdown, UFPLS and Small Pot payments.

If you take only part of your money out of a pension pot, and you will not take another cash payment from the pension pot before the end of the tax year, you can claim a tax refund (if appropriate) using form P55.   

I'm in the process of trying to reclaim a refund for last year, and find the whole online process confusing.

I started filling in P55, but when it starts talking about 'will you receive further payments before the end of the tax year' what does it mean.

As the tax year ended the 5th April 2021 has passed. Then your taxable income is known. Any payments made now will be in the 2021/22 tax year. 

But if I am claiming a refund for last year, what is the point of asking me what my income for this year will be?

Why are you even bothering to do this now?

As I would like my £2k now, not in 4 months time