Question regarding reclaiming Tax with Form P50Z, having cashed out the whole pension.

angeldawn123

Hi,

I'm after a little guidance regarding filling out the P50Z repayment of Tax form. My Dad in just the past few weeks has cashed out his whole pension pot and, as expected, tax was deducted at the emergency rate. He is retired and his only income is the State Pension, so we are filling out the P50Z form online to claim some tax back now, well before the end of the tax year. Seems simple enough, but having specified his only other income is State Pension, it asks for 'income received since last employment' (which I assume is the pension pay-out by the provider). Can I confirm that at this point I enter the the full annual state pension (~ £8500) he is expected to receive this whole tax year until April 2025, even though currently he has only actually received a fraction of that amount. Is this how the people assessing the form will interpret the amount I enter ? I was expecting wording such as as predicted annual income, or weekly pension amount etc.

Any help would be greatly appreciated.

Many Thanks
Nick

xylophone

Complete Guide to Filling the P50Z Form

https://www.protaxaccountant.co.uk/post/what-is-p50z-form