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Pension Withdrawal
Comments
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You need to check your personal tax account to see why the tax code has changed on your existing pension.Tattie63 said:Yes my monthly payment that I received on the 3rd of every month ,today was taxed at 47.6%.I was paid £599 today.My withdrawal of £28k that I received on 1st was deducted at roughly 42.4 %.
Prior to this withdrawal I was paid £1152 tax free every month for the last 2yrs.
It is unlikely to have happened in response to taking the £28k, it will be some other reason.
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I have applied for tax refund,yesterday.
In relation to the tax on my £28k initially.
But today when I saw my monthly payment,taxed even more.
Thought I need to speak to someone.
Thanks for your help.
Been trying to telephone HMRC all morning.0 -
They have probably assumed, wrongly, that the £28k withdrawal is a regular monthly one which has messed up your tax code.Tattie63 said:I have applied for tax refund,yesterday.
In relation to the tax on my £28k initially.
But today when I saw my monthly payment,taxed even more.
Thought I need to speak to someone.
Thanks for your help.
Been trying to telephone HMRC all morning.1 -
Possibly but it seems incredibly quick work for HMRC to have acted on information about the £28k, sent a new tax code for the existing pension and the pension payer to have started to use the new code!FIREDreamer said:
They have probably assumed, wrongly, that the £28k withdrawal is a regular monthly one which has messed up your tax code.Tattie63 said:I have applied for tax refund,yesterday.
In relation to the tax on my £28k initially.
But today when I saw my monthly payment,taxed even more.
Thought I need to speak to someone.
Thanks for your help.
Been trying to telephone HMRC all morning.1 -
They were very quick when i started my annuity!Dazed_and_C0nfused said:
Possibly but it seems incredibly quick work for HMRC to have acted on information about the £28k, sent a new tax code for the existing pension and the pension payer to have started to use the new code!FIREDreamer said:
They have probably assumed, wrongly, that the £28k withdrawal is a regular monthly one which has messed up your tax code.Tattie63 said:I have applied for tax refund,yesterday.
In relation to the tax on my £28k initially.
But today when I saw my monthly payment,taxed even more.
Thought I need to speak to someone.
Thanks for your help.
Been trying to telephone HMRC all morning.1 -
Eventually spoke to HMRC today and assured myself it will get rectified before end of tax year.1
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Eventually sorted out with tax.Had to complete P55 form.1
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