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    • tenchy
    • By tenchy 12th Mar 18, 2:05 PM
    • 360Posts
    • 113Thanks
    tenchy
    Retired, company car relinquished ...
    • #1
    • 12th Mar 18, 2:05 PM
    Retired, company car relinquished ... 12th Mar 18 at 2:05 PM
    I retired at the end of last year and won't get a SIPP payment until the new tax year. I just sent in a P50 to get a tax refund. However, I had a company car, relinquished at the end of the year, and also had medical insurance paid by the company. Will the refund correctly take account of the loss of these benefits for the three months of this year?


    Also, my SIPP provider has my current, i.e. 2017, tax code. I assume I'll get a new tax code which will sort out tax payments during the next tax year, even if I overpay tax on the first SIPP payment?


    Thanks in advance for advice.
Page 1
    • Dazed and confused
    • By Dazed and confused 12th Mar 18, 2:39 PM
    • 2,648 Posts
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    Dazed and confused
    • #2
    • 12th Mar 18, 2:39 PM
    • #2
    • 12th Mar 18, 2:39 PM
    Has your employer (or you via gov.uk?) informed HMRC that the car is no longer available?

    Retiring doesn't always result in an immediate loss of a company car.

    I think medical benefit is based on the premiums your employer pays so leaving/retiring part way through the year won't necessarily reduce the taxable benefit for this.

    You can check your tax code for next year on your personal tax account on gov.uk and I think this will show who the code has been sent to. With no car benefit next tax year there will be a significant change to your code number from April 2018.
    • tenchy
    • By tenchy 12th Mar 18, 3:03 PM
    • 360 Posts
    • 113 Thanks
    tenchy
    • #3
    • 12th Mar 18, 3:03 PM
    • #3
    • 12th Mar 18, 3:03 PM
    Has your employer (or you via gov.uk?) informed HMRC that the car is no longer available?

    Retiring doesn't always result in an immediate loss of a company car.

    I think medical benefit is based on the premiums your employer pays so leaving/retiring part way through the year won't necessarily reduce the taxable benefit for this.

    You can check your tax code for next year on your personal tax account on gov.uk and I think this will show who the code has been sent to. With no car benefit next tax year there will be a significant change to your code number from April 2018.
    Originally posted by Dazed and confused

    Thanks. Don't know if the company did or not. I'll put in a letter with the P50 advising about the car. I guess it makes sense to ask them to send my new tax code to the SIPP provider?
    • Dazed and confused
    • By Dazed and confused 12th Mar 18, 3:16 PM
    • 2,648 Posts
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    Dazed and confused
    • #4
    • 12th Mar 18, 3:16 PM
    • #4
    • 12th Mar 18, 3:16 PM
    Sounds sensible.

    You may get a provisional tax refund based on the car ending and any adjustment (extra refund due to you or extra tax payable to HMRC) will probably be sorted when HMRC get your benefits certificate (P11D) from your old employer with the actual medical benefit details for 2017:18.
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