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:
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If you have emptied your pot by flexibly accessing your pension and are still working or receiving benefits, you should fill out form P53Z
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When you have emptied a pot by flexibly accessing your pension and are not working or receiving benefits, you should fill out form P50Z
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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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