Skip to main content

This is a new service – your feedback will help us to improve it.

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
Hi,

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.

You must be signed in to post in this forum.