Claiming tax refund with the P55 form

Jan1963 · 13 September 2019 at 9:02AM

Hi
I need to get a tax refund using the P55 form and need a little help please.
I earn approximately £15000 and had a pension pot of £62484.00 from which I did a drawdown of £31500.00.
I have paid emergency tax on £23625.00
When I'm filling in the form P55 and get to the page for pension income do I fill both tables in or just the 2nd? Also if it is just the 2nd table I'm presuming I do not put in the full lump sum figure of £31500 but the figure I was taxed on? I'm also presuming at the end of the year the tax office will see I had a larger tax sum but the other amount was tax free.
Thanks in advance but this is the first time I've had to fill one of these forms in.

IanSt · 13 September 2019 at 9:45AM

I did an online P55 application last year and had the same question https://forums.moneysavingexpert.com/showthread.php?t=5940284

Basically you just put the taxable lump sum into the flexibly accessed table i.e. what I think you are referring to as table 2. Ignore any tax-free part of the lump sum, i.e.if you took £10,000 out, but £2,500 was the 25% tax free bit, then just put £7,500.

squirrelpie · 13 September 2019 at 8:54PM

FWIW, when I did a UFPLS I didn't fill any forms in, I just phoned them up and told them it was a one-off and not regular, and they arranged everything.

Claiming tax refund with the P55 form

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