Obtaining tax refund?

striker44
striker44 Posts: 37 Forumite
in Pensions, annuities & retirement planning
hI,

I have not been able to obtain an answer to this and will be grateful for advice recd.

instructed pension provider to withdraw 4660 at end of last tax year; expecting to claim back tax deducted on 2018 tax year return. Provider did not process until after 5/4. How can I claim back the deducted tax? Thanks

Dave
«1

Comments

  • Spreadsheetman
    Spreadsheetman Posts: 436 Forumite
    Name Dropper First Anniversary First Post
    Fill in and submit a P55 form.
  • sheramber
    sheramber Posts: 19,096 Forumite
    First Anniversary I've been Money Tipped! First Post Name Dropper
    https://www.gov.uk/government/publications/flexibly-accessed-pension-payment-repayment-claim-p55
  • striker44
    striker44 Posts: 37 Forumite
    Thought of that - this would get me back the money BUT in this tax year 18/19 so would impact on tax year ending apr 19; when I want to do the same exercise again.

    The reason for 4660 was it would use up my allowance for year 18 of 12650.

    Unless form 55 circumvents this?

    Dave
  • HappyHarry
    HappyHarry Posts: 1,588 Forumite
    First Anniversary Name Dropper First Post
    If you were paid the funds on or after 6th April, then they will count as income in this tax year. HMRC won't allow you to backdate the income to a previous tax year.

    If your pension provider unreasonably delayed payment, then you could complain to them, and ask them to cover the cost to you in tax. They will then consider your complaint using the complaint guidelines. You would likely have access to the Financial Ombudsman Service if your complaint isn't successful.

    When did you put the request to your pension provider?
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
  • striker44
    striker44 Posts: 37 Forumite
    I have already made my complaint to them and they quote "reporting to and paying HMRC" and unable to uphold my complaint. I was in USA and got back end March, gave instructions then.

    So, looks like FOS. I did say to them - what if the instruction had been for 466,000 and amount deducted 98,000 but didn't receive any comment. This must happen - financial adviser works out clients tax savings by doing whatever - makes out instruction to withdraw from funds(s) 50k 100k 400k - then something happens so instruction does not get to provider until near end of tax year - tells pa to send off email and goes on holiday, pa forgets - illness - left in draft folder - death - etc etc

    I'm surprised that there is no HMRC discretion for these eventualities?

    Many thanks for your very quick replies.

    Dave
  • Spreadsheetman
    Spreadsheetman Posts: 436 Forumite
    Name Dropper First Anniversary First Post
    Hmm - "end of March". Based on my experience with the response time of a couple of huge pension providers I'd issue instructions on 1st March and expect to have to chase them every couple of days to get it to happen within the tax year.

    The pension industry seems to move at a glacial pace.
  • HappyHarry
    HappyHarry Posts: 1,588 Forumite
    First Anniversary Name Dropper First Post
    striker44 wrote: »
    I have already made my complaint to them and they quote "reporting to and paying HMRC" and unable to uphold my complaint. I was in USA and got back end March, gave instructions then.

    Dave

    Which provider / product was it?

    31st March was a Saturday, and so your instructions would not have been picked up and acted upon until Monday 2nd April.

    To then get you the funds by Thursday 5th April would most likely have been outside of the providers published timescales, even assuming that the pension funds were already held in cash at that time.

    I fear that even a complaint to the FOS is unlikely to result in a positive outcome for you.
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
  • striker44
    striker44 Posts: 37 Forumite
    Hi everyone - you complete a from 53 - will get my money back within next 2/3 weeks
  • Dazed_and_confused
    Dazed_and_confused Posts: 6,458 Forumite
    Uniform Washer
    Which version of the P53?

    Are you certain this is the correct form?

    From previous posts it sounded like you have withdrawn part of your pension fund not taken the whole lot?
  • Mnd
    Mnd Posts: 1,699 Forumite
    First Anniversary Name Dropper First Post
    I think it should be a P55

    One thing I have learnt about pensions, they ain't quick. I think I've got used to transferring monies between banks instantaneously and this doesn't happen with pensions
    No.79 save £12k in 2020. Total end May £11610
    Annual target £24000
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