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  • FIRST POST
    • striker44
    • By striker44 12th Sep 18, 10:38 AM
    • 35Posts
    • 1Thanks
    striker44
    Obtaining tax refund?
    • #1
    • 12th Sep 18, 10:38 AM
    Obtaining tax refund? 12th Sep 18 at 10:38 AM
    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
Page 1
    • Spreadsheetman
    • By Spreadsheetman 12th Sep 18, 10:41 AM
    • 132 Posts
    • 115 Thanks
    Spreadsheetman
    • #2
    • 12th Sep 18, 10:41 AM
    • #2
    • 12th Sep 18, 10:41 AM
    Fill in and submit a P55 form.
    • sheramber
    • By sheramber 12th Sep 18, 10:48 AM
    • 5,227 Posts
    • 3,898 Thanks
    sheramber
    • #3
    • 12th Sep 18, 10:48 AM
    • #3
    • 12th Sep 18, 10:48 AM
    https://www.gov.uk/government/publications/flexibly-accessed-pension-payment-repayment-claim-p55
    • striker44
    • By striker44 12th Sep 18, 10:58 AM
    • 35 Posts
    • 1 Thanks
    striker44
    • #4
    • 12th Sep 18, 10:58 AM
    • #4
    • 12th Sep 18, 10:58 AM
    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
    • By HappyHarry 12th Sep 18, 11:04 AM
    • 755 Posts
    • 1,109 Thanks
    HappyHarry
    • #5
    • 12th Sep 18, 11:04 AM
    • #5
    • 12th Sep 18, 11:04 AM
    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
    • By striker44 12th Sep 18, 11:24 AM
    • 35 Posts
    • 1 Thanks
    striker44
    • #6
    • 12th Sep 18, 11:24 AM
    • #6
    • 12th Sep 18, 11:24 AM
    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
    • By Spreadsheetman 12th Sep 18, 11:32 AM
    • 132 Posts
    • 115 Thanks
    Spreadsheetman
    • #7
    • 12th Sep 18, 11:32 AM
    • #7
    • 12th Sep 18, 11:32 AM
    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
    • By HappyHarry 12th Sep 18, 11:40 AM
    • 755 Posts
    • 1,109 Thanks
    HappyHarry
    • #8
    • 12th Sep 18, 11:40 AM
    • #8
    • 12th Sep 18, 11:40 AM
    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
    Originally posted by striker44
    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
    • By striker44 14th Sep 18, 10:40 AM
    • 35 Posts
    • 1 Thanks
    striker44
    • #9
    • 14th Sep 18, 10:40 AM
    • #9
    • 14th Sep 18, 10:40 AM
    Hi everyone - you complete a from 53 - will get my money back within next 2/3 weeks
    • Dazed and confused
    • By Dazed and confused 14th Sep 18, 11:19 AM
    • 2,907 Posts
    • 1,418 Thanks
    Dazed and confused
    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
    • By Mnd 14th Sep 18, 1:26 PM
    • 709 Posts
    • 867 Thanks
    Mnd
    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
    • striker44
    • By striker44 14th Sep 18, 4:30 PM
    • 35 Posts
    • 1 Thanks
    striker44
    charlie at hmrc told me - she said 6 weeks if send in form; 2 weeks or so if online
    • Dazed and confused
    • By Dazed and confused 14th Sep 18, 5:08 PM
    • 2,907 Posts
    • 1,418 Thanks
    Dazed and confused
    or a lot longer if you send the wrong form and they then write to you (snail mail?) and tell you you need to complete the P53.
    • p00hsticks
    • By p00hsticks 15th Sep 18, 12:22 AM
    • 6,381 Posts
    • 6,917 Thanks
    p00hsticks
    This should take you through step by step and tell you which is the correct form to complete in your specific circumstance


    https://www.gov.uk/claim-tax-refund
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