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Posted Thu, 11 Apr 2024 17:47:57 GMT by wilsor
I have had a Taxable Pension Lump sum sent to me by a provider. The provider should have sent it same day payment so it arrived in time for the end of the 2023/24 Tax Year. However, they didn't and sent it by BACS and only arrived on the 8th April, due to the weekend. I sent in the forms in on 29th March electronically, for the withdrawal in good time for the 5th April payment The problem is I am moving to Sweden in around 5 months time and I am looking to withdraw the rest of my pension, but as this lump sum will now fall into the 2024/25 Tax year, I will have a 40% Tax charge on some of the withdrawal this TY. \this is because this lump sum plus my State Pension and the remaining pension fund will be over £50300 in taxable income. As when I received the payment was out of my control, does the revenue having any flexibility to review a case and look to see the income as in the 2023/24 tax year. The monies left my pension fund on 04/04/2024. Thanks
Posted Fri, 19 Apr 2024 14:45:50 GMT by HMRC Admin 19

As the payment left your pension fund on 4 April 2024, this should be classed as the withdrawal date and will therefore fall into the 2023 to 2024 tax year.

Thank you.

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