P55 Online Question Help

GSP

As in previous years I have requested my full personal allowance from my flexible pension, and due to my tax code they have kept about a third which I will claim back. I don’t want to receive it monthly with a different tax code and withdrawal strategy.

I have started to complete the form, and as in previous years this question on there has always stumped me.

Bearing in mind the P55 is for those who are trying to claim tax back from a pension withdrawal, the question is:

Q2 asks Do you expect to receive income from any UK pension during the current tax year? Yes or no?

Now I will be withdrawing tax free cash in a few months from this same pension as it’s the only one I have, so I assume the answer is yes?

But something inside me has thrown doubt on the answer. One year, the money did not come through and I had to call them and they said the form had been completed incorrectly.

Does anyone have a view what the answer is?

Edit: It would be clearer perhaps if the question said “Do you expect to receive TAXABLE income, perhaps. My answer then would be no.

Thanks

Dazed_and_C0nfused

Given HMRC are primarily concerned with taxable income then taking a TFLS wouldn't be relevant.

However presumably the answer to this question is still Yes.  Or was there a disclaimer earlier to ignore the taxable pension income you are claiming a refund in respect of?

Q2 asks Do you expect to receive income from any UK pension during the current tax year? Yes or no?

dealyboy

@GSP said:

As in previous years I have requested my full personal allowance from my flexible pension, and due to my tax code they have kept about a third which I will claim back. I don’t want to receive it monthly with a different tax code and withdrawal strategy.

I have started to complete the form, and as in previous years this question on there has always stumped me.

Bearing in mind the P55 is for those who are trying to claim tax back from a pension withdrawal, the question is:

Q2 asks Do you expect to receive income from any UK pension during the current tax year? Yes or no?

Now I will be withdrawing tax free cash in a few months from this same pension as it’s the only one I have, so I assume the answer is yes?

But something inside me has thrown doubt on the answer. One year, the money did not come through and I had to call them and they said the form had been completed incorrectly.

Does anyone have a view what the answer is?

Edit: It would be clearer perhaps if the question said “Do you expect to receive TAXABLE income, perhaps. My answer then would be no.

Thanks

... I know I know ... written by a 1st former, probably the same one who writes all the other forms.

This is for the income you have taken. You need to answer 'yes' and complete the second table for 'pension flexibility payments paid as lump sums'. The future PCLS will not apply to this form.

Presumably you have taken a UFPLS, received 25% tax free with the other 75% (column 3) taxed (column 2).

edit: sorry @Dazed_and_C0nfused ... didn't see your answer at the time of writing ... didn't mean to tread on your toes.

GSP

Dazed_and_C0nfused said:

Given HMRC are primarily concerned with taxable income then taking a TFLS wouldn't be relevant.

However presumably the answer to this question is still Yes.  Or was there a disclaimer earlier to ignore the taxable pension income you are claiming a refund in respect of?

Q2 asks Do you expect to receive income from any UK pension during the current tax year? Yes or no?

Thanks Dazed. No, there was no disclaimer.

GSP

dealyboy said:

@GSP said:

As in previous years I have requested my full personal allowance from my flexible pension, and due to my tax code they have kept about a third which I will claim back. I don’t want to receive it monthly with a different tax code and withdrawal strategy.

I have started to complete the form, and as in previous years this question on there has always stumped me.

Bearing in mind the P55 is for those who are trying to claim tax back from a pension withdrawal, the question is:

Q2 asks Do you expect to receive income from any UK pension during the current tax year? Yes or no?

Now I will be withdrawing tax free cash in a few months from this same pension as it’s the only one I have, so I assume the answer is yes?

But something inside me has thrown doubt on the answer. One year, the money did not come through and I had to call them and they said the form had been completed incorrectly.

Does anyone have a view what the answer is?

Edit: It would be clearer perhaps if the question said “Do you expect to receive TAXABLE income, perhaps. My answer then would be no.

Thanks

... I know I know ... written by a 1st former, probably the same one who writes all the other forms.

This is for the income you have taken. You need to answer 'yes' and complete the second table for 'pension flexibility payments paid as lump sums'. The future PCLS will not apply to this form.

Presumably you have taken a UFPLS, received 25% tax free with the other 75% (column 3) taxed (column 2).

edit: sorry @Dazed_and_C0nfused ... didn't see your answer at the time of writing ... didn't mean to tread on your toes.

Yes this is taxable money I am claiming dealyboy, which is already in my taxable side of my pension and part of 75% moved over from a tax free withdrawal.

GSP

Hmm. Just went through.
It was a no.

dealyboy

GSP said:

dealyboy said:

@GSP said:

As in previous years I have requested my full personal allowance from my flexible pension, and due to my tax code they have kept about a third which I will claim back. I don’t want to receive it monthly with a different tax code and withdrawal strategy.

I have started to complete the form, and as in previous years this question on there has always stumped me.

Bearing in mind the P55 is for those who are trying to claim tax back from a pension withdrawal, the question is:

Q2 asks Do you expect to receive income from any UK pension during the current tax year? Yes or no?

Now I will be withdrawing tax free cash in a few months from this same pension as it’s the only one I have, so I assume the answer is yes?

But something inside me has thrown doubt on the answer. One year, the money did not come through and I had to call them and they said the form had been completed incorrectly.

Does anyone have a view what the answer is?

Edit: It would be clearer perhaps if the question said “Do you expect to receive TAXABLE income, perhaps. My answer then would be no.

Thanks

... I know I know ... written by a 1st former, probably the same one who writes all the other forms.

This is for the income you have taken. You need to answer 'yes' and complete the second table for 'pension flexibility payments paid as lump sums'. The future PCLS will not apply to this form.

Presumably you have taken a UFPLS, received 25% tax free with the other 75% (column 3) taxed (column 2).

edit: sorry @Dazed_and_C0nfused ... didn't see your answer at the time of writing ... didn't mean to tread on your toes.

Yes this is taxable money I am claiming dealyboy, which is already in my taxable side of my pension and part of 75% moved over from a tax free withdrawal.

... yes I understand @GSP so a lump sum from your pension in drawdown (cystallized), TFLS already taken.

Sorry I didn't mean to potentially confuse regarding the reference to a second table when 'yes' is answered to that question, I realise that the online form is different to the downloadable form ... I have used both and I was looking at the pdf form which I remember is sequenced differently (it is question 13). You probably have a first part answer to 'yes' which relates to a pension in managed payments and a second part which is for you (and me) for FAD (flexi access drawdown) requiring the name of the company/pension (in my case AJ Bell SIPPDEAL), the tax paid and the amount drawndown.

In my case I need to complete other sections for SP, gross savings interest and share dividends.

GSP

dealyboy said:

GSP said:

dealyboy said:

@GSP said:

As in previous years I have requested my full personal allowance from my flexible pension, and due to my tax code they have kept about a third which I will claim back. I don’t want to receive it monthly with a different tax code and withdrawal strategy.

I have started to complete the form, and as in previous years this question on there has always stumped me.

Bearing in mind the P55 is for those who are trying to claim tax back from a pension withdrawal, the question is:

Q2 asks Do you expect to receive income from any UK pension during the current tax year? Yes or no?

Now I will be withdrawing tax free cash in a few months from this same pension as it’s the only one I have, so I assume the answer is yes?

But something inside me has thrown doubt on the answer. One year, the money did not come through and I had to call them and they said the form had been completed incorrectly.

Does anyone have a view what the answer is?

Edit: It would be clearer perhaps if the question said “Do you expect to receive TAXABLE income, perhaps. My answer then would be no.

Thanks

... I know I know ... written by a 1st former, probably the same one who writes all the other forms.

This is for the income you have taken. You need to answer 'yes' and complete the second table for 'pension flexibility payments paid as lump sums'. The future PCLS will not apply to this form.

Presumably you have taken a UFPLS, received 25% tax free with the other 75% (column 3) taxed (column 2).

edit: sorry @Dazed_and_C0nfused ... didn't see your answer at the time of writing ... didn't mean to tread on your toes.

Yes this is taxable money I am claiming dealyboy, which is already in my taxable side of my pension and part of 75% moved over from a tax free withdrawal.

... yes I understand @GSP so a lump sum from your pension in drawdown (cystallized), TFLS already taken.

Sorry I didn't mean to potentially confuse regarding the reference to a second table when 'yes' is answered to that question, I realise that the online form is different to the downloadable form ... I have used both and I was looking at the pdf form which I remember is sequenced differently (it is question 13). You probably have a first part answer to 'yes' which relates to a pension in managed payments and a second part which is for you (and me) for FAD (flexi access drawdown) requiring the name of the company/pension (in my case AJ Bell SIPPDEAL), the tax paid and the amount drawndown.

In my case I need to complete other sections for SP, gross savings interest and share dividends.

No problems dealyboy.
The question concerned was pretty vague. Because I could go back on pages answered, I tried both and only found then no was the right path for me in this instance.
Again, thanks for responding.

GSP

Looks like I was too hasty in claiming I had completed the form okay. 

Even after a receiving a reference number when I submitted it, there is nothing recorded under the “check progress” section. It did say forms for processing should appear a few hours after submission. Mine was completed on Sunday.

I have just contacted the number they have provided in case of query, and after three and a half minutes of selecting numbers to go to the right area, it just cut me off.

This is going to painful and time wasteful!

dealyboy

GSP said:

Looks like I was too hasty in claiming I had completed the form okay. 

Even after a receiving a reference number when I submitted it, there is nothing recorded under the “check progress” section. It did say forms for processing should appear a few hours after submission. Mine was completed on Sunday.

I have just contacted the number they have provided in case of query, and after three and a half minutes of selecting numbers to go to the right area, it just cut me off.

This is going to painful and time wasteful!

It should be OK @GSP as you have a reference number. I completed one about 3 months ago (it seems like forever ago) and honestly I can't remember when it appeared on the progress checker but it wasn't too long.

Something to bear in mind, having had chats with them is that they are less automated than we might think and there's a lot of keyboard entry of forms both in HMRC and DWP, and even SIPP platforms manually process PCLS and UFPLS requests, so it could be just a busy time.

Another thing to bear in mind is that they quote 15 days and give a date 3 weeks down the line in the progress checker but it's actually 6 weeks or 30 days, and in my recent case I think it was 7 weeks.

GSP

dealyboy said:

GSP said:

Looks like I was too hasty in claiming I had completed the form okay. 

Even after a receiving a reference number when I submitted it, there is nothing recorded under the “check progress” section. It did say forms for processing should appear a few hours after submission. Mine was completed on Sunday.

I have just contacted the number they have provided in case of query, and after three and a half minutes of selecting numbers to go to the right area, it just cut me off.

This is going to painful and time wasteful!

It should be OK @GSP as you have a reference number. I completed one about 3 months ago (it seems like forever ago) and honestly I can't remember when it appeared on the progress checker but it wasn't too long.

Something to bear in mind, having had chats with them is that they are less automated than we might think and there's a lot of keyboard entry of forms both in HMRC and DWP, and even SIPP platforms manually process PCLS and UFPLS requests, so it could be just a busy time.

Another thing to bear in mind is that they quote 15 days and give a date 3 weeks down the line in the progress checker but it's actually 6 weeks or 30 days, and in my recent case I think it was 7 weeks.

Thanks dealyboy.
I called them again, pressed different options and eventually spoke to a human being. They were very good in providing an alternative number.

47 minutes later on that one, I got through and the agent was very helpful, could see my request even though it wasn’t in the “check process”, and said the estimate for completion was 8th May.

It doesn’t sound hopeful for that date based on your experience, but let’s see if it arrives before end May.