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Posted Mon, 13 May 2024 13:20:20 GMT by Pensionquery005
Hi, apologies if this has already been asked before on here but I'm looking to withdraw a lump sump from my pension of around £30,000. I'm retired but I have around roughly £14,000 income per year. The Tax payable amount on the UFPLS withdrawal is around £9,000 but am I right in thinking that I will be refunded a portion of this as it is taxed at 40%? If I'm due a refund do I just need to fill out the P53 form or is there anything else I need to do? Thanks a lot in advance.
Posted Thu, 16 May 2024 11:30:33 GMT by HMRC Admin 20
Hi Pensionquery005,
If you've only drawn part of your pension, just complete the P55 to claim back any tax overpaid.
You can find the P55 here - Claim back tax on a flexibly accessed pension overpayment (P55)
Thank you.
Posted Thu, 16 May 2024 11:35:50 GMT by Pensionquery005
Thanks for your response. It’s the full pot, would that be P53z instead?
Posted Tue, 21 May 2024 10:32:29 GMT by HMRC Admin 21
Hi Pensionquery005,
If flexibly accessed yes. if a cash withdrawal it will be a p53 - Claim a tax refund when you've flexibly accessed all of your pension (P53Z).
Thank you.

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