UFPLS Tax Refund

Storcko14

How long does it normally take in the usual course of things, for HMRC to make a refund of tax paid on a UFPLS payment that was made on March 28th 2025?  Is it recommended to complete a P55 claim to speed things up or does it not matter given the tax year in question has just closed?

Albermarle

Storcko14 said:

How long does it normally take in the usual course of things, for HMRC to make a refund of tax paid on a UFPLS payment that was made on March 28th 2025?  Is it recommended to complete a P55 claim to speed things up or does it not matter given the tax year in question has just closed?

If you do not do anything, your tax for 24/25 will be automatically calculated sometime around September and you will be notified if a refund is due.

Sarahspangles

Although to manage expectations, my OH’s P800 for 2023/24 was issued in December, and mine in March. So unless HMRC have found more resources, don’t hold your breath!

dunstonh

Storcko14 said:

How long does it normally take in the usual course of things, for HMRC to make a refund of tax paid on a UFPLS payment that was made on March 28th 2025?  Is it recommended to complete a P55 claim to speed things up or does it not matter given the tax year in question has just closed?

Electronic submission is about 4-6 weeks.  Paper submission is about 4-6 months.

If you didn't submit the P55 before 5th April in the tax year the lump sum was taken, it is too late and you need to resort to self assessment and you could be talking much longer for a refund.

Storcko14

dunstonh said:

Storcko14 said:

How long does it normally take in the usual course of things, for HMRC to make a refund of tax paid on a UFPLS payment that was made on March 28th 2025?  Is it recommended to complete a P55 claim to speed things up or does it not matter given the tax year in question has just closed?

Electronic submission is about 4-6 weeks.  Paper submission is about 4-6 months.

If you didn't submit the P55 before 5th April in the tax year the lump sum was taken, it is too late and you need to resort to self assessment and you could be talking much longer for a refund.

Ah ok.  Much longer than September-ish?  Trying to establish if there's any value then in completing a self-assessment return asap rather than doing nothing and waiting?  It's actually one of my OH's small pensions which we are using to 'try out and learn' for when the serious drawdown starts.  Love it when an organisation has super-slick 21st C processes ;-) 

Qyburn

Storcko14 said:

dunstonh said:

Electronic submission is about 4-6 weeks.  Paper submission is about 4-6 months.

If you didn't submit the P55 before 5th April in the tax year the lump sum was taken, it is too late and you need to resort to self assessment and you could be talking much longer for a refund.

Ah ok.  Much longer than September-ish?  

Last time I did self assessment I got my tax refund within a few weeks.

Albermarle

dunstonh said:

Storcko14 said:

How long does it normally take in the usual course of things, for HMRC to make a refund of tax paid on a UFPLS payment that was made on March 28th 2025?  Is it recommended to complete a P55 claim to speed things up or does it not matter given the tax year in question has just closed?

Electronic submission is about 4-6 weeks.  Paper submission is about 4-6 months.

If you didn't submit the P55 before 5th April in the tax year the lump sum was taken, it is too late and you need to resort to self assessment and you could be talking much longer for a refund.

AIUI, if you do not fit the usual criteria for filling out a self assessment form, HMRC are not keen for you to fill one in.
Personally I am blocked from filling one in.
The OP will probably have to wait for the automatic PAYE calculation/P800 , which should happen by September but was apparently a bit late last year.

Green_hopeful

I got my Sipp payment on 31 October 2024 and submitted my P55 on the same day. I got my refund on 7 January 2025.  The letter came a little bit later. 

SouthCoastBoy

I do a self assessment every year, any refund due has to be requested, it used to be automatic, which from memory takes about 4 to 6 weeks to receive. Generally I do my self assessment in May and have the money by end of June. Those timelines are from memory so may not be 100% accurate 

SVaz

I did my SA on 6 April,  my refund of overpayment ( of payments on account, not actual tax)  was in the bank on the 10th - I didn’t request it btw, it was paid automatically, with the bit of NI owing taken off. 

 My Wife, who doesn’t do SA,  paid tax on a pension lump sum from HL in March,  she doesn’t even have the 24/25 PAYE year showing on her personal tax account yet,  so I’m assuming she’ll get the tax back once the year is showing.  We were surprised she paid tax given that it was the last month of the year and she was within her allowance. 

SouthCoastBoy

SVaz said:

I did my SA on 6 April,  my refund of overpayment ( of payments on account, not actual tax)  was in the bank on the 10th - I didn’t request it btw, it was paid automatically, with the bit of NI owing taken off. 

 My Wife, who doesn’t do SA,  paid tax on a pension lump sum from HL in March,  she doesn’t even have the 24/25 PAYE year showing on her personal tax account yet,  so I’m assuming she’ll get the tax back once the year is showing.  We were surprised she paid tax given that it was the last month of the year and she was within her allowance. 

Interesting you didn't have to request the payment, i used to be the same, but the last two years I've had to request the payment, otherwise it just sits in my account as a credit. I did phone HMRC about it, especially as I enter the bank details for any payment due on my SA, and I was told I now need to request the payment