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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 14000
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I have taken out a lump sum from my Pension and the company

Resolved Question:

I have taken out a lump sum from my Pension and the company took 30percent on tax how do I claim this back in 2016
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question
Can you advise what you drew out from your pension pot (I am assuming it was more than 25% of the total pot) and how big that pension pot was.
Can you also advise how much tax was deducted
Can you advise what other income you had during the relevant tax year and that this pension was taken between 06/04/2014 and 05/04/2015 (so the 2014/2015 tax year)
I can then see whether there is a tax refund at all, and if so how you should go about claiming it back
Thanks
Sam
Customer: replied 2 years ago.

Sam I got 25% tax free and was taxed on the remaining 75% this month at 30% how do I claim back the 10% or do the tax office return it without me doing anything

Expert:  Sam replied 2 years ago.
Hi
Thanks for your response
Can you advise the figures asked for please (with the lump sum and your other income) as there may not be any refund -
Also the date you down drew this pension.
Thanks
Sam
Customer: replied 2 years ago.

Sam I don't have the figures at present I just wanted to know if it's up to me to contact the Inland Revenue or do they contact me. I have to pay the amount in July 2015 so does that mean that I should claim if necessary after April 2016

Expert:  Sam replied 2 years ago.
Hi
It would be up to you to contact HMRC - so they could assess your total income position and then take into account the 75% of the lump sum and also the tax suffered on it.
And yes this will be relevant to after 05/04/2016 - and all you need to do is write to them after this date along with any P60s you get (from any other income sources) and details of any other incomes sucha s savings and investments or pensions and a copy of the paperwork detailing the pension lump sum and tax suffered. Send this to your usual tax office OR write to ***** and Customs - Customer Operations Employer Office
BP4102
Chillingham House
Benton Park View, Newcastle
NE98 1ZZ
United Kingdom
Asking them to review the position for you and make any refund due to you.
They may - come back and ask you to complete a self assessment tax return (depending on whether the total income is in excess of £42386) which they will send to you on receipt of your letter.
If you wish me to undertake a calculation for you, to check whether any refund is due then do supply relevant figures in due course, but if in the meantime if you could rate me for the level of service I have provided, it would be appreciated, as this ensures Just Answer credit me for my time
Thanks
Sam
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