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Cancelling tax free lump sum application (before payout)
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
I’m aware that once paid then then paying back the tax free Lump sum doesn’t negate the tax impact and can lead to negative tax consequences. My question is can you cancel the application before the amount is paid out, with no tax consequences/recycling impact? Many thanks.
Comments
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There comes a point where it has too far progressed to be cancelled. However, depending on the software of the provider, it may be possible.
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.0 -
I only applied 2 working days ago, and the processing time is typically 4 weeks (per their website).
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When you entered the info requesting the TFLS, there was probably some statement about cancellation rights ?
If not give them a call on Monday morning.
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Give them a call on Monday morning regardless! The sooner they know about your change of mind the greater the chances of cancelling. Just be aware that providers labour under a lot of constraints eg
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0
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