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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15915
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I recently cashed in two private pensions over 18 month period

Resolved Question:

I recently cashed in two private pensions over 18 month period and believe i paid too much tax
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Can you tell me how much each pension was before tax please. How much tax was deducted from each payment. In which tax years did you cash the pensions in?
Customer: replied 1 year ago.
In dec 2014 i was offered £6,299.84 before tax and was paid £5,039.87 and in dec 2015 £21,917.21 and was paid £16,449.30 in trivial lump sums, my tax code at date of leaving was 0113L
Expert:  TonyTax replied 1 year ago.
Thanks. Can you confirm that these pensions were not already in payment, ie you weren't receiving a monthly income from them. If that was the case, you should have got 25% of the value as a tax free payment from each one but that doesn't appear to have happened.
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Expert:  TonyTax replied 1 year ago.
Hi again. It was good to talk to you. Here is a link to an article in the Telegraph: http://www.telegraph.co.uk/finance/personalfinance/pensions/11529079/Used-the-new-pension-freedoms-How-to-claim-back-excess-tax-in-30-days.html Here is the form you need to complete, a P53Z. Complete one for 2014/15 and one for 2015/16: https://www.gov.uk/government/publications/income-tax-repayment-claim-when-small-pension-taken-as-a-lump-sum-p53 Keep copies of everything you send to the tax office. Chase them up after a month on the number here. Let me know if you need any further help.

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