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Posted Tue, 06 Feb 2024 23:36:18 GMT by
Good evening, I took out an annual annuity/cash out retirement plan with Legal and General, but in the tax year 2022/2023, they paid my annual annuity twice in one financial year. So I went over the 20% bracket and have paid £3,300 extra tax. They paid me on 22 April 2022 and then again on 30 March 2023 instead of on or after 06 April 2023. What should I do? I just paid HMRC today what they requested but it isn't correct as the second L&G payment was paid early and I don't know how to rectify it.
Posted Thu, 08 Feb 2024 14:48:23 GMT by HMRC Admin 20 Response
Hi V M,
Tax is due on the income in the year it is paid out and any error would therefore need to be taken up with the pension payer.
Thank you.

 

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