Form P55 or P50Z?

GSP

Drawdown being the only income.
What’s best for retrieving personal tax allowance drawdown money taken for tax.
i.e. Request £12,570 and approx £8k is credited to your account, the rest has been taken for tax due to the tax code.
I am aware and used the Form P55 where payment took about 8 weeks after submission to come through.
The Form P50Z is a new one on me though. Which is more appropriate or quicker?
Thanks

molerat

P50Z

Don’t use this form if:

• the payment you’ve had has not extinguished your whole pension fund - use form P55.

P55

Use the online service or form P55 to reclaim an overpayment of tax when you've flexibly accessed part of your pension pot.

...............

GSP

molerat said:

P50Z

Don’t use this form if:

• the payment you’ve had has not extinguished your whole pension fund - use form P55.

P55

Use the online service or form P55 to reclaim an overpayment of tax when you've flexibly accessed part of your pension pot.

...............

Thanks molerat.
Interesting as my new IFA suggested using P50Z next time.
Yes, markets willing I will still have money in my pension fund?

dealyboy

GSP said:

molerat said:

P50Z

Don’t use this form if:

• the payment you’ve had has not extinguished your whole pension fund - use form P55.

P55

Use the online service or form P55 to reclaim an overpayment of tax when you've flexibly accessed part of your pension pot.

...............

Thanks molerat.
Interesting as my new IFA suggested using P50Z next time.
Yes, markets willing I will still have money in my pension fund?

... don't trust IFAs ! ... sorry I didn't mean it @dunstonh

molerat

If you want to know which form to use there is a pretty much idiot proof interactive chart here https://www.gov.uk/claim-tax-refund

GSP

dealyboy said:

GSP said:

molerat said:

P50Z

Don’t use this form if:

• the payment you’ve had has not extinguished your whole pension fund - use form P55.

P55

Use the online service or form P55 to reclaim an overpayment of tax when you've flexibly accessed part of your pension pot.

...............

Thanks molerat.
Interesting as my new IFA suggested using P50Z next time.
Yes, markets willing I will still have money in my pension fund?

... don't trust IFAs ! ... sorry I didn't mean it @dunstonh

Know you write this in jest.
But just to say, at this time that over the last 5 years dunstonh has been really useful and contributed to my decision making in various aspects on the subject of pensions.

dealyboy

Hi @GSP ...

GSP said:

dealyboy said:

GSP said:

molerat said:

P50Z

Don’t use this form if:

• the payment you’ve had has not extinguished your whole pension fund - use form P55.

P55

Use the online service or form P55 to reclaim an overpayment of tax when you've flexibly accessed part of your pension pot.

...............

Thanks molerat.
Interesting as my new IFA suggested using P50Z next time.
Yes, markets willing I will still have money in my pension fund?

... don't trust IFAs ! ... sorry I didn't mean it @dunstonh

Know you write this in jest.
But just to say, at this time that over the last 5 years dunstonh has been really useful and contributed to my decision making in various aspects on the subject of pensions.

... indeed ... @dunstonh and @Linton are my top two across the whole of MSE as far as I'm concerned.

Actually @dunstonh is my number one, always willing to give of his time to provide valuable advice worth millions in the outside world ... there I've been straight for once.