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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15977
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Just cashed in a small pension policy, after 25% TAX FREE,

Customer Question

Just cashed in a small pension policy, after 25% TAX FREE, I seem to have been taxed at 40% for the balance. As I am a 20% TAX payer could I claim any of this TAX back also I am currently working, thankful.
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi. As you are still working, it will be difficult to claim back the excess tax before the end of the tax year on 5 April 2016. Had you not been working, you could have made an in year tax repayment claim using a form P50 At the end of the tax year, either complete an R40 and send it to the tax office with your documents (keep copies) or call the tax office and ask them to issue a P800 tax calculation for 2015/16 which should include all your income for the tax year. They may not need your documents as the income details will be advised to them by your employer and the pension payer. However, it may take several months before HMRC issue a P800. There is also a claim online option which you can read about here. I hope this helps but let me know if you have any further questions.
Customer: replied 2 years ago.
Thanks for that.
Expert:  TonyTax replied 2 years ago.