View more on these topics

HMRC amends pension reclaim form

HMRC is to change the wording of one of its new tax forms for people reclaiming overpaid tax on pension withdrawals, after confusion over who could use it.

Form 55 is to be updated because it currently implies it should only be used if “you’ve only taken one payment and do not intend to take a further payment in the tax year”.

However, the tax office says it can be used by people to reclaim tax who make multiple withdrawals in a year.

People making withdrawals without giving their pension fund a P45 will pay emergency tax and have to reclaim it later.

A HMRC spokesman says: “Claimants presenting their 2015/16 P45 to their pension provider will pay the correct tax. In the event that they don’t, any discrepancy will be settled within 30 days of HMRC being notified.”

In April HMRC revealed three new reclaim forms. In addition to the P55, P50Z is for individuals flexibly accessing their entire pension pot and have no other income, and P53Z should be used for those who use up their entire pot but do have other taxable income in the same tax year.

Form P53Z should be used for people receiving employment income, job seeker’s allowance, taxable incapacity benefit, employment and support allowance or carer’s allowance.

Recommended

Tax-Taxation-Blocks-700.jpg
4

HMRC unveils new forms to reclaim tax on pensions

HMRC has unveiled three new forms to allow people to claim back overpaid tax after accessing their pension under the new freedoms. In a newsletter published today, the Government confirms individuals will be able to use the P50Z, P53Z and P55 forms to reclaim tax if they were placed on emergency tax codes when taking […]

HMRC-Building-700x450.jpg

Budget 2015: HMRC to issue 21,000 more payment demands to tax avoiders

HM Revenue and Customs will issue an extra 21,000 accelerated payment notices in a bid to seize a further £555m in disputed tax. The Government announced plans to issue the additional notices in today’s Budget. HMRC began issuing the notices to tens of thousands of individuals in July. They can be issued to anyone who […]

Parliament-London-UK-Night-700x450.jpg
6

MPs: HMRC ‘fighting an uphill battle’ on tax cheats

An investigation into improving tax collection by Parliament’s Public Accounts Committee has reported that HMRC is failing to clamp down on both evasion and aggressive tax avoidance. Committee chair Margaret Hodge says the “complexity of tax law and constraints on HMRC’s resources” mean the Revenue is “fighting an uphill battle against those who are determined […]

Ambitious landlords fuelling rise in remortgage business

Competitive rates and ambitious landlords are driving a growing focus on remortgaging among buy-to-let lenders, according to experts. Figures issued by broker Mortgages for Business show that 66 per cent of buy-to-let loans were for remortgages in the first quarter of 2015, up from 62 per cent at the end of 2014. Remortgages have now […]

Is volatility dead? No, sell credit

There are several arguments that one could currently make for why credit markets look unattractive. These include signals that the US economy is in late cycle, the fact that corporate leverage has been increasing (with 2016 setting a record for the amount of global bond issuance), and that US high-yield default rates have risen considerably […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com