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Claiming tax back on drawdown pension
DTIDkeepthefaith
Posts: 1 Newbie
I have in drawdown for a few years and was always able to reclaim overpaid tax by the November following the end of the tax year. I have submitted my claim for 24/25 and have been advised that this will be paid by April 2026 almost 2 years on from my initial underpayment. Is there any way where I can shorten this timescale when I come to do my drawdown at the start of tax year 2026/27?
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Comments
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The simplest way is to take a payment in March then full use is made of the allowance set against the pension.1
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Is there any way where I can shorten this timescale when I come to do my drawdown at the start of tax year 2026/27?Waiting to do it until the next tax year always delays it. Doing the P55 in the same tax year means you get a refund in anything from 3 weeks to 3 months.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1
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