Sharesave & tax

Just_Some_Boy

Hi forum,

I'm hoping someone can help here!  I am a member of my employee's Sharesave scheme and had some shares that matured last year.  These were transferred into my SIPP, and basic rate tax added (as the shares were purchased after tax).  However, I am a higher-rate tax payer and understand that I may be able to reclaim an additional reimbursement of the tax paid as a result.  However, I am clueless about how to go about this?  Who do I contact?  What form(s) do I need to fill out?  Any help gratefully received!

Thanks everyone,
S

Dazed_and_C0nfused

Do you currently need to complete a Self Assessment return?

Just_Some_Boy

I'm really not sure - as I said, I'm a bit clueless when it comes to taxation matters!  I've never had benefits like this before from previous employers, and have always been PAYE, so the tax has been taken care of.  How would I find out if I needed to complete a self assessment return please?

Dazed_and_C0nfused

Just_Some_Boy said:

I'm really not sure - as I said, I'm a bit clueless when it comes to taxation matters!  I've never had benefits like this before from previous employers, and have always been PAYE, so the tax has been taken care of.  How would I find out if I needed to complete a self assessment return please?

That answer suggests you don't current lly need to complete one.

You can check here

https://www.gov.uk/check-if-you-need-tax-return

Assuming you don't need to complete one then you just need to let HMRC have details of the RAS pension contributions and they will arrange for you to get any additional tax relief due.

If you want the refund asap you can get a (provisional) refund via your tax code.  You should let them know the gross contribution and also how much you plan on contributing in 2023:24 so they can keep next year's tax code upto date. 

If you want a refund direct to you for the whole lot then just wait until after 5 April 2023 and then given them the details and they will send a calculation for 2022:23 and you can claim any refund due via your Personal Tax Account.

NB.  All the above assumes you mean it was paid in 2022:23, not 2021:22.