What is form P53Z?

Form P53Z is for reclaiming this tax overpayment if you have used your whole pension pot and still receive other taxable income. 

One of the consequences of taking advantage of the recent ‘flexible pension payments’ is that you are emergency taxed on the amount you ‘drawdown’.

As this can be up to a rate of 45% regardless of your usual tax band it can be a substantial sum.

If you don’t have any other taxable income you should see form P50Z.

When you need form P53Z

You need this form if you are retired and have taken your full pension pot amount as a ‘flexibility’ payment, but also have some other taxable income.

This could be savings, salary or taxable benefits (Employment and Support Allowance, taxable Incapacity Benefit, Jobseeker’s Allowance).

When you should not use form P53Z

If you have emptied your pension pot as a lump sum and do not have any taxable income, then you need form P50Z instead.

If this doesn’t seem applicable to you, there are many tax forms to cover every eventuality; we can help you find the right one.

How do I submit a form P53Z?

There are three options for submission. You can simply print off the form, handwrite it and post it to HMRC – the good, old-fashioned way. Or you can fill it in ‘on screen’ and then print and post.

The address you need is:

Pay As You Earn
HM Revenue and Customs
BX9 1AS

Or, your final option is to complete and submit it using your GOV.UK account so the whole process is done online. If you don’t have a government gateway account it should take about 15 minutes to set up.

It takes approximately 30 days from receipt of your application. This is better than having to wait until the end of the tax year.

Tax Rebates and how to claim

When dealing with your pension form P53Z it’s a good idea to question if you are entitled to a refund of tax for reasons other than your pension.

We invite you to find out more about what you could be entitled to claim back and use our free calculators to help you work out the value of any refund due.