Clarky55

My question must not have been clear as the response does not address my question. I already have the NT code. Against this pension income source on my HMRC portal, I can see an annual income. I told the tax technician this amount when I was expediting my NT code. Instead of taking income over time, I now plan to do a single large lump sum drawdown of the full pension. This number is of course much larger than the annual income equivalent. What is the purpose of this pension annual amount that is visible on the HMRC portal? Ie if I now take the single lump sum, does this portal amount block the transaction? Or is the amount there just so tax payers can see a theoretical annual tax?

I see from the answer above that once a person receives the NT code, there is no limit to the amount of pension that can be withdrawn in one go. (Of course assuming the basis of receiving the NT remains valid). When I obtained my NT code and HMRC asked what my expected annual income from this pension would be, I disclosed an amount I planned at the time to withdraw annually. I can see this amount stated on the HMRC portal in relation to this pension’s annual income. However, I now intend to withdraw the total pension this tax year in a couple of drawdowns amounting to several million pounds (significantly greater than the initially disclosed annual income). Will this cause any problems? Should I be notifying HMRC of this new significantly higher value? Basically what is the relevance of this annual income disclosed on the portal for my pension?

I am currently non-resident and have been for the last 20 years. Now that I have turned 55, I will be drawing down an uncrystallised funds pension lump sum (“UFPLS”) from my UK pension provider this June (2024). I believe that this will be considered a “benefit crystallization event”. On the basis of this event, I believe I can complete Form APSS202 (to notify an enhancement to the lump sum allowance on the basis of being a relevant overseas individual). Can you confirm that my understanding is correct? Thank you

I am tax resident in the UAE (and have been for many years) and will be drawing down my full UK pension as a lump sum. I know tax will be withheld and I will need to claim a tax refund (6 digits) under the UAE-UK Tax Treaty. Can you clarify the following: 1) Can I request the tax refund through the DT Form Individual or will I be required to complete a self-assessment (I have no other UK income)? 2) As the amount of the tax refund is rather large I expect there will be additional scrutiny before it is refunded. Could you please clarify what is likely to be required from me in terms of documentation/evidence? 3) Approx how many months would a refund typically take for a large amount once the form is submitted?