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Posted Wed, 06 Dec 2023 23:26:29 GMT by
I am not ordinarily resident in UK for tax purposes but this year will cash out my UK workplace pension. I am UK citizen and so is my wife. I know that I can receive first 25% tax free but that my provider will then have to tax me at emergency rate (way high!!) As neither wife nor I have no other UK income I believe correct rate is as follows based on hypothetical £100k withdrawal. ((£32,128)) 25000 zero 12570 personal allowance zero 1260 married allowance zero 36441 at 20% (£7,288) Remainder (£24730) at 40% (£9892) Total tax payable £17,180 How do I recover the difference between deducted tax and the above lesser amount (approx £15,000) Thanks
Posted Fri, 08 Dec 2023 16:18:56 GMT by HMRC Admin 25 Response
Hi Trog,
This will be issued automatically after 05/04/24.
If you wish to apply for it earlier, you can submit form p55/p53.
Claim back tax on a flexibly accessed pension overpayment (P55)
Claim a tax refund when you've taken a small pension lump sum (P53)
Thank you. 


 

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