Tax code for my private pension due 9 March 2024

Notepad_Phil

traceyaj said:

I have another little query on this as I have about £1100 cash in the SIPP. I have no plans to invest this and need to consider whether or not to draw most of it out before the tax year end. Could I do this as a further UFPLS? I have already made one UFPLS with HL this tax year. I will find out how much I need to leave the SIPP open.

Yes you can as taking multiple UFPLS won't be an issue with HL (Mrs Notepad took 5 from HL in one tax-year once). But do it sooner rather than later so that there's plenty of time for everything to be done in this tax-year. And, as you say, just make sure you leave enough so that they don't close it

traceyaj

Hi, I invested £2880 in my HL Sipp in May 2024. I received a further £720 tax relief and subsequently withdrew £3600 on 13th August 2024. I paid £314.20 tax on this. My tax code allocated to HL is 270N and so over the full year I shouldn't be liable for any tax.   I cannot get Gateway access to my tax record as I cannot register for this. Do you think the overpaid tax would be refunded at some point. i e. After the end of the tax year April 2025? Any advice appreciated.  

Dazed_and_C0nfused

traceyaj said:

Hi, I invested £2880 in my HL Sipp in May 2024. I received a further £720 tax relief and subsequently withdrew £3600 on 13th August 2024. I paid £314.20 tax on this. My tax code allocated to HL is 270N and so over the full year I shouldn't be liable for any tax.   I cannot get Gateway access to my tax record as I cannot register for this. Do you think the overpaid tax would be refunded at some point. i e. After the end of the tax year April 2025? Any advice appreciated.  

Yes, if you do nothing any overpaid tax will be automatically refunded next Summer.

https://www.gov.uk/tax-overpayments-and-underpayments