P53 or P53z

cherryade44

Hello I am in the process of making a lump sum withdrawal from a small pension pot. This will be the 2nd withdrawal , the 1st was 25% tax free . The latest withdrawal is for year 23/24. I was told by the pension people I would pay emergency tax and have to claim it back,form HMRC, in the email it said use a P53z. form.
I rang HMRC the other day about this p45 or letter from pension company  that  is also needed and they said I needed a P53 form  .
I gather from google the difference between a P53 and P53z is taxable income.My only income for the year is another small pension £45 per month and interest from savings . So will it be the P53 or P53z, thanks for any advice

Dazed_and_C0nfused

cherryade44 said:

Hello I am in the process of making a lump sum withdrawal from a small pension pot. This will be the 2nd withdrawal , the 1st was 25% tax free . The latest withdrawal is for year 23/24. I was told by the pension people I would pay emergency tax and have to claim it back,form HMRC, in the email it said use a P53z. form.
I rang HMRC the other day about this p45 or letter from pension company  that  is also needed and they said I needed a P53 form  .
I gather from google the difference between a P53 and P53z is taxable income.My only income for the year is another small pension £45 per month and interest from savings . So will it be the P53 or P53z, thanks for any advice

That doesn't make sense, you cannot be in the process of making a withdrawal for 2023-24 now we are in the 2024-25 tax year.

Or do you have already successfully taken the money out in 2023-24?

cherryade44

Dazed_and_C0nfused said:

cherryade44 said:

Hello I am in the process of making a lump sum withdrawal from a small pension pot. This will be the 2nd withdrawal , the 1st was 25% tax free . The latest withdrawal is for year 23/24. I was told by the pension people I would pay emergency tax and have to claim it back,form HMRC, in the email it said use a P53z. form.
I rang HMRC the other day about this p45 or letter from pension company  that  is also needed and they said I needed a P53 form  .
I gather from google the difference between a P53 and P53z is taxable income.My only income for the year is another small pension £45 per month and interest from savings . So will it be the P53 or P53z, thanks for any advice

That doesn't make sense, you cannot be in the process of making a withdrawal for 2023-24 now we are in the 2024-25 tax year.

Or do you have already successfully taken the money out in 2023-24?

The withdrawal request was made on the 3rd of April just before the end of the tax year, I haven't got the money yet, it could take 10 working days

Dazed_and_C0nfused

cherryade44 said:

Dazed_and_C0nfused said:

cherryade44 said:

Hello I am in the process of making a lump sum withdrawal from a small pension pot. This will be the 2nd withdrawal , the 1st was 25% tax free . The latest withdrawal is for year 23/24. I was told by the pension people I would pay emergency tax and have to claim it back,form HMRC, in the email it said use a P53z. form.
I rang HMRC the other day about this p45 or letter from pension company  that  is also needed and they said I needed a P53 form  .
I gather from google the difference between a P53 and P53z is taxable income.My only income for the year is another small pension £45 per month and interest from savings . So will it be the P53 or P53z, thanks for any advice

That doesn't make sense, you cannot be in the process of making a withdrawal for 2023-24 now we are in the 2024-25 tax year.

Or do you have already successfully taken the money out in 2023-24?

The withdrawal request was made on the 3rd of April just before the end of the tax year, I haven't got the money yet, it could take 10 working days

So it's not going to a 2023-24 withdrawal then, it will be for 2024-25.

cherryade44

Dazed_and_C0nfused said:

cherryade44 said:

Dazed_and_C0nfused said:

cherryade44 said:

Hello I am in the process of making a lump sum withdrawal from a small pension pot. This will be the 2nd withdrawal , the 1st was 25% tax free . The latest withdrawal is for year 23/24. I was told by the pension people I would pay emergency tax and have to claim it back,form HMRC, in the email it said use a P53z. form.
I rang HMRC the other day about this p45 or letter from pension company  that  is also needed and they said I needed a P53 form  .
I gather from google the difference between a P53 and P53z is taxable income.My only income for the year is another small pension £45 per month and interest from savings . So will it be the P53 or P53z, thanks for any advice

That doesn't make sense, you cannot be in the process of making a withdrawal for 2023-24 now we are in the 2024-25 tax year.

Or do you have already successfully taken the money out in 2023-24?

The withdrawal request was made on the 3rd of April just before the end of the tax year, I haven't got the money yet, it could take 10 working days

So it's not going to a 2023-24 withdrawal then, it will be for 2024-25.

No, I was told the date that counted was the date I requested the money not when I received it. Not sure why I even mentioned the date, it's not really relevant

sheramber

cherryade44 said:

Hello I am in the process of making a lump sum withdrawal from a small pension pot. This will be the 2nd withdrawal , the 1st was You can claim back any tax we owe you on a pension lump sum with form P53Z if:

• you’re reclaiming tax because you’ve flexibly accessed all of your pension
• you’ve received a serious ill health lump sum — to reclaim, in year, any overpaid tax on these lump sums

You’ll need to use form P53 instead if you have taken:

• all of your pension as cash — trivial commutation of a pension fund

• a small pension as a lump sum

% tax free . The latest withdrawal is for year 23/24. I was told by the pension people I would pay emergency tax and have to claim it back,form HMRC, in the email it said use a P53z. form.
I rang HMRC the other day about this p45 or letter from pension company  that  is also needed and they said I needed a P53 form  .
I gather from google the difference between a P53 and P53z is taxable income.My only income for the year is another small pension £45 per month and interest from savings . So will it be the P53 or P53z, thanks for any advice

https://www.gov.uk/guidance/claim-a-tax-refund-when-youve-flexibly-accessed-all-of-your-pension-p53z

You can claim back any tax we owe you on a pension lump sum with form P53Z if:

• you’re reclaiming tax because you’ve flexibly accessed all of your pension
• you’ve received a serious ill health lump sum — to reclaim, in year, any overpaid tax on these lump sums

You’ll need to use form P53 instead if you have taken:

• all of your pension as cash — trivial commutation of a pension fund

• a small pension as a lump sum

Ferro

cherryade44 said:

Dazed_and_C0nfused said:

cherryade44 said:

Dazed_and_C0nfused said:

cherryade44 said:

Hello I am in the process of making a lump sum withdrawal from a small pension pot. This will be the 2nd withdrawal , the 1st was 25% tax free . The latest withdrawal is for year 23/24. I was told by the pension people I would pay emergency tax and have to claim it back,form HMRC, in the email it said use a P53z. form.
I rang HMRC the other day about this p45 or letter from pension company  that  is also needed and they said I needed a P53 form  .
I gather from google the difference between a P53 and P53z is taxable income.My only income for the year is another small pension £45 per month and interest from savings . So will it be the P53 or P53z, thanks for any advice

That doesn't make sense, you cannot be in the process of making a withdrawal for 2023-24 now we are in the 2024-25 tax year.

Or do you have already successfully taken the money out in 2023-24?

The withdrawal request was made on the 3rd of April just before the end of the tax year, I haven't got the money yet, it could take 10 working days

So it's not going to a 2023-24 withdrawal then, it will be for 2024-25.

No, I was told the date that counted was the date I requested the money not when I received it. Not sure why I even mentioned the date, it's not really relevant

I also hold the view that it is the date of payment, not the date of request. That would also appear to be the approach of HL with my wife’s SIPP. 

cherryade44

Thanks for all the replies. I was told on the phone about the dates regarding the tax year by the provider, however they could be mistaken I will ring HMRC again tomorrow and see what they say, last time it took 1 hour to get through

cherryade44

Dazed_and_C0nfused said:

cherryade44 said:

Dazed_and_C0nfused said:

cherryade44 said:

Hello I am in the process of making a lump sum withdrawal from a small pension pot. This will be the 2nd withdrawal , the 1st was 25% tax free . The latest withdrawal is for year 23/24. I was told by the pension people I would pay emergency tax and have to claim it back,form HMRC, in the email it said use a P53z. form.
I rang HMRC the other day about this p45 or letter from pension company  that  is also needed and they said I needed a P53 form  .
I gather from google the difference between a P53 and P53z is taxable income.My only income for the year is another small pension £45 per month and interest from savings . So will it be the P53 or P53z, thanks for any advice

That doesn't make sense, you cannot be in the process of making a withdrawal for 2023-24 now we are in the 2024-25 tax year.

Or do you have already successfully taken the money out in 2023-24?

The withdrawal request was made on the 3rd of April just before the end of the tax year, I haven't got the money yet, it could take 10 working days

So it's not going to a 2023-24 withdrawal then, it will be for 2024-25.

Just logged onto gov gateway, you are correct the lump sum has been allocated to 24/25 ,so I apologise for doubting you. I was definitely told it would be last years tax year, so I feel I've either misunderstood or been misled, either way it could be a problem for me now . Oh dear 

Ferro

cherryade44 said:

Thanks for all the replies. I was told on the phone about the dates regarding the tax year by the provider, however they could be mistaken I will ring HMRC again tomorrow and see what they say, last time it took 1 hour to get through

Try 8am - many are of the view that lines don’t open until 9am

cherryade44

Once again thanks  for all your advice and help. Got through to HMRC , only took 45 mins this time. Apparently it's the P53z form I need. Rang pension people too about the P45 that needs to accompany the P53z, which was hard work , they said they will email it, which could take 2 days. They have apologised for telling  me it would count to 23/24 tax year, which might  cost me , as I haven't given up on finding a job this year. Thanks again for all your input