PENSION FREEDOM AND OVERPAYMENTS

摘要

Taking a new flexi-access pension payment can cause large PAYE overpayments since HMRC instructs payers to apply emergency PAYE codes to the taxable element when paying flexi-access sums to savers. To deal with the problem, which could see large one-off sums taxed at high marginal rates and create the need for a refund claim, HMRC has issued a new claim form, the P55, which should give a refund within 30 days of any overpaid tax.