We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
The MSE Forum Team would like to wish you all a Merry Christmas. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!
Question regarding reclaiming Tax with Form P50Z, having cashed out the whole pension.
angeldawn123
Posts: 1 Newbie
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
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
0
Comments
-
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 259.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards