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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5016
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Pre 1999 I had a pension policy with The Equitable Life which

Customer Question

Pre 1999 I had a pension policy with The Equitable Life which I payed into for several years. In 1999 I had an accident and lost my right leg and use of right arm, impaired use of left leg also. So it was DLA and inc benefit from then on in.
From the date of my accident I could no longer contribute to the policy (no idea why) anyway Equitable insisted that I had to wait till I was 65 to claim any monies in the account, this was about ten years ago. Earlier this year in April I was able to cash in and received money as follows,
Total fund value £5,826,85.
Tax free amount £1,456,71.
Taxable amount £4,370,14.
Tax deducted £864,65.
I have no idea when it comes to these matters, I can build a house single handed, or could, but have always hated forms ect. Any advise as to how to claim this cash back would be very much appreciated. Alan.
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your question.Please complete Form P53 to claim back tax on small pension taken as lump sum.You can complete the form herehttps://www.gov.uk/government/publications/income-tax-repayment-claim-when-small-pension-taken-as-a-lump-sum-p53 More information on claiming a tax refund can be found herehttps://www.gov.uk/claim-tax-refund/you-get-a-pension I hope this is helpful and answers your question. If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.Please only rate my answer if it is acceptable.Wishing you all the best.