Help with reclaiming tax paid on a NEST pension lump sum please.

deejaybee

Hi all,

My wife took her entire NEST pot as a lump sum near the end of 22-23 Tax Year.

She is hoping to get a tax rebate asap, although the gov.uk site does say that letters go out from June to end November.

She has previously been unable to get through over phone to HMRC, so i tried to help her out via online. Went through process and form P53Z was advised, so she signed onto tax account. However its a bit confusing because she works for a different employer now ( finished at previous employee at end May 2023 ) and the form is talking about how much she will earn this tax year... she has a P60 from previous job, and a P45 for the pension payment, but as i say we are a bit confused as to what details to put on the form ?

Advice appreciated,  she will try phoning them in morning, otherwise maybe have to wait it out and see if a form arrives ?

Thanks

sheramber

The print form states

Enter your total pay from all employment (including any part-time work) before tax is taken off. You should include the income you expect to receive from 6 April to 5 April of the tax year you received your lump sum payment. If you’ve more than one job, list each employer and the amount of expected pay from each.

Is the online one different?

Dazed_and_C0nfused

To be honest you are wasting your time.

As the pension income was received in the previous tax year it is pointless making a claim now, any refund due for 2022-23 will automatically be made by HMRC based on all the information they hold.

I presume you're aware that the smaller the pension pot the more likely it is she will owe tax and not be due a refund.

Have you actually done the sums to check how much you think has been overpaid?

deejaybee

Thanks for the feedback both.

She tried contacting HMRC today, but gave up after 30+ minutes on hold.

Will do the sums again in meantime, but shes thinking now to just wait and see if she gets a letter, or its otherwise sorted.

Dazed_and_C0nfused

deejaybee said:

Thanks for the feedback both.

She tried contacting HMRC today, but gave up after 30+ minutes on hold.

Will do the sums again in meantime, but shes thinking now to just wait and see if she gets a letter, or its otherwise sorted.

She should get a calculation (P800) and that will set out how the overpayment had been arrived at and invite her to claim the money into her bank account.

If she doesn't bother with the bank transfer she will get a cheque in the post a few weeks later.