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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5143
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I wish to cash in a second private pension pot of £6.300.

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I wish to cash in a second private pension pot of £6.300. Can I claim the tax back against my personal allowance for 2015/2016 as I have not worked since February 2015
Thank you for your question...If you have not worked in the current tax year, then you have your personal allowance in full to be used.Provided your income in this tax year from all sources including cashing in your second private pension pot is below your personal allowance of £10,600 then you would be able to claim overpayment of tax. 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.
Customer: replied 2 years ago.
Do I need to cash in the policy within the 1215/16 tax year
Thank you for your prompt reply.
You would need to cash in the policy in this tax year to avail the benefit of any repayment of overpaid tax.
I hope this is helpful. and other Tax Specialists are ready to help you