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Self Assessment question on SIPP withdrawal
tigerspill
Posts: 977 Forumite
Hi,
I am a bit confused as to how to complete one aspect of my SA tax form.
I took £12,000 from my HL SIPP. HL took £3,500 off this in tax and transferred the net of tax £8,500 to my bank account (numbers are rounded and not important).
I had no other income in the tax year.
HMRC must have realised this and sent me the tax paid (accurate to the penny). So that was good.
The HL P60 shows the gross payment and the tax taken. When I enter these on my SA under pension income, obviously the calculation shows that I have over paid tax to the tune of the £4000. This is obviously incorrect as this has been refunded to me.
Where on the SA form do I account for the tax repayment that has been refunded to me to get the tax calculation to be zero (which I believe it should be)?
Thanks for any guidance on this.
I am a bit confused as to how to complete one aspect of my SA tax form.
I took £12,000 from my HL SIPP. HL took £3,500 off this in tax and transferred the net of tax £8,500 to my bank account (numbers are rounded and not important).
I had no other income in the tax year.
HMRC must have realised this and sent me the tax paid (accurate to the penny). So that was good.
The HL P60 shows the gross payment and the tax taken. When I enter these on my SA under pension income, obviously the calculation shows that I have over paid tax to the tune of the £4000. This is obviously incorrect as this has been refunded to me.
Where on the SA form do I account for the tax repayment that has been refunded to me to get the tax calculation to be zero (which I believe it should be)?
Thanks for any guidance on this.
0
Comments
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On the paper return it's the first question in the "Finishing your tax return" section.
Tax refunded or set off
If you’ve had any 2021–22 Income Tax refunded or set off by us or Jobcentre Plus, enter the amount -1
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