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How to claim back the overpaid tax


Our client's sometimes ask how to claim back overpaid pension tax when they start withdrawing capital from their flexi-access drawdown pension. So, I thought it would be worthwhile to summarise your options here.


The form you need to fill out will depend on how you have accessed your retirement pot:


  • If you have emptied your pot by flexibly accessing your pension and are still working or receiving benefits, you should fill out form P53Z


  • When you have emptied a pot by flexibly accessing your pension and are not working or receiving benefits, you should fill out form P50Z


  • If you have only flexibly accessed part of your pension pot, then use form P55


Feel free to get in touch if you have any queries.

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