What is a P55 pension form?

The P55 form has been issued by HMRC to speed up the repayment of tax paid on your pension pot.

Who is the P55 form for?

You need a P55 form if you have only taken some of your pension pot, do not have a P45 and are not working or claiming state benefits.

Why do I need to complete a P55?

As a basic rate taxpayer, you could have paid tax at 40% on your pension pot amount because an emergency rate has been applied.

If you do not fill in a P55, then you will have to wait until the end of the tax year to reclaim your tax overpayment.

How do I get a form P55?

You can get a P55 form from HMRC directly and can fill it in online or in paper format.

Access to a P55 online starts with logging into your government gateway account which if you don’t already have one can be created by following HMRC’s online guidance.

If you need to speak to someone about your P55 you should call HMRC on 0300 200 3300.

What if I want to take out a little bit, every now and then?

HMRC has particular advice, if this is your plan for your pension money:

“Having applied the temporary rate of tax to the first payment, in some cases the provider might be able to report a zero payment for the months where no withdrawal is made, and work with HMRC to tax subsequent withdrawals and correct the person’s tax position.”

Do I use Form P55 if I’ve taken all my pension pot at once?

No, you’ll need one of two different HMRC forms instead:

  • If you have taken all your pension money and still earn an income or claim benefits, then you need Form P53Z.
  • If you have no income and are not receiving any benefits and taken your whole pension amount, then you need Form P50Z.

It’s always worth double checking that you are submitting the right form for your set of circumstances to avoid HMRC rejecting your claim.

Higher rate pension tax relief

Some taxpayers can reclaim higher rate tax relief on private pension contributions. If you are a higher or additional rate taxpayer it’s worth considering if you can relcaim additional tax relief on contributions made into a private pension scheme.

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