Form P53Z "Flexibly Accessed Pension Lump Sum: Repayment Claim (Tax Year 2020 to 2021)" - United Kingdom

What Is Form P53Z?

Form P53Z, Flexibly Accessed Pension Lump Sum: Repayment Claim, is a statement that individuals can complete to request the government to repay them the tax owed after a flexible pension payment was obtained. This document was released by United Kingdom HM Revenue & Customs and was last updated on April 1, 2020, with all previous editions obsolete. A printable P53Z Form can be downloaded through the link below.

Alternate Name:

  • P53Z Tax Form.

If you are retired and decide to withdraw a flexible pension payment, get a lump sum payment to handle the treatment of a serious medical condition, or get sent Form P45 to claim a tax refund by a pension provider, you can become eligible for a tax repayment as long as you indicate estimated income you are entitled to during the tax year.

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P53Z Form Instructions

Provide the following details when preparing a P53Z Tax Form:

  1. Personal information (this includes your title, full name, date of birth).
  2. Additional identifying information (your National Insurance Number and Pay-As-You-Earn reference number of your current employer, if applicable).
  3. Your contact details and the time when you can be reached out to.
  4. A breakdown of the employment and self-employment income (if you expect to receive any during the appropriate tax year). Note that you have to state the estimated amount of taxable benefits as well.
  5. State pension income and taxable state allowances and benefits.
  6. Taxed and untaxed interest you may have on domestic savings and investments. Dividends you receive from United Kingdom businesses at the moment.
  7. Other sources of income (i.e., trusts, foreign income, or real estate).
  8. Amount of gift aid payments you are planning to make during the tax year.
  9. The address of the individual who will receive a cheque on your behalf if you want to name a nominee instead of getting the repayment yourself.
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Download Form P53Z "Flexibly Accessed Pension Lump Sum: Repayment Claim (Tax Year 2020 to 2021)" - United Kingdom

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Flexibly accessed pension lump sum:
repayment claim (tax year 2020 to 2021)
About this form
Use this form to claim back tax we owe you on a flexible
• include any repayment you’ve received on your next
access pension payment you recently received where you’ve:
SA tax return
• taken a pension flexibility payment which used up all
• you must let us know when you no longer need to
your fund
complete a SA tax return
• received a serious ill health lump sum payment
If you’ve got PAYE and SA income, we’ll not include any
• received a P45 from your pension provider
SA income in calculating your repayment, unless you ask us
If you’re not a UK resident for tax purposes you do not need
to do so.
to complete this form. Instead, go to
We’ll make checks at the end of the tax year and contact you
www.gov.uk/tax-foreign-income/taxed-twice
if the amount is different.
or phone the Taxes Helpline on 0300 200 3300.
We recommend that you keep this paperwork until these
So that we can make sure we repay the right amount of tax
checks are complete.
to you, complete this form with details of any other income
What to do now
that you expect to receive during the tax year. If you do not
Fill in questions 1 to 9 below, then complete all other
know the final figures enter the most accurate
questions which are relevant to you.
estimates you can.
Use whole numbers, rounded down to the
If you fill in a Self Assessment (SA) Tax Return:
nearest pound.
• you’ll need to tell us in the declaration section of this form
whether or not you want us to include estimated SA income
Make sure that you sign the declaration on page 9.
when calculating your repayment
For more guidance you can phone Tax help for Older People
• and you do not want us to include estimated SA income in
on 0845 601 3321 or 01308 488 066. They’re an
your claim, you do not need to include it when completing
independent charity who give free tax advice
this form
to older people on low incomes.
• you’ll still need to pay any balancing payments owed and
If you need a large print version of the form phone the Taxes
payments on account when due, you can ask us to use your
Helpline on 0300 200 3300.
repayment to lower your payments on account
About you
Title
Your contact telephone number
1
5
For example Mr, Mrs, Miss, Ms or Dr
Best time to contact you
6
Your surname or family name
2
Your date of birth DD MM YYYY
7
Your first name
3
Your National Insurance number
8
Your address
Example - QQ123456A
4
Your employer PAYE reference number
9
Example - 123/A246
Postcode
/
P53Z
Page 1
HMRC 04/20
Flexibly accessed pension lump sum:
repayment claim (tax year 2020 to 2021)
About this form
Use this form to claim back tax we owe you on a flexible
• include any repayment you’ve received on your next
access pension payment you recently received where you’ve:
SA tax return
• taken a pension flexibility payment which used up all
• you must let us know when you no longer need to
your fund
complete a SA tax return
• received a serious ill health lump sum payment
If you’ve got PAYE and SA income, we’ll not include any
• received a P45 from your pension provider
SA income in calculating your repayment, unless you ask us
If you’re not a UK resident for tax purposes you do not need
to do so.
to complete this form. Instead, go to
We’ll make checks at the end of the tax year and contact you
www.gov.uk/tax-foreign-income/taxed-twice
if the amount is different.
or phone the Taxes Helpline on 0300 200 3300.
We recommend that you keep this paperwork until these
So that we can make sure we repay the right amount of tax
checks are complete.
to you, complete this form with details of any other income
What to do now
that you expect to receive during the tax year. If you do not
Fill in questions 1 to 9 below, then complete all other
know the final figures enter the most accurate
questions which are relevant to you.
estimates you can.
Use whole numbers, rounded down to the
If you fill in a Self Assessment (SA) Tax Return:
nearest pound.
• you’ll need to tell us in the declaration section of this form
whether or not you want us to include estimated SA income
Make sure that you sign the declaration on page 9.
when calculating your repayment
For more guidance you can phone Tax help for Older People
• and you do not want us to include estimated SA income in
on 0845 601 3321 or 01308 488 066. They’re an
your claim, you do not need to include it when completing
independent charity who give free tax advice
this form
to older people on low incomes.
• you’ll still need to pay any balancing payments owed and
If you need a large print version of the form phone the Taxes
payments on account when due, you can ask us to use your
Helpline on 0300 200 3300.
repayment to lower your payments on account
About you
Title
Your contact telephone number
1
5
For example Mr, Mrs, Miss, Ms or Dr
Best time to contact you
6
Your surname or family name
2
Your date of birth DD MM YYYY
7
Your first name
3
Your National Insurance number
8
Your address
Example - QQ123456A
4
Your employer PAYE reference number
9
Example - 123/A246
Postcode
/
P53Z
Page 1
HMRC 04/20
Employment income
Enter your total pay from all employment (including any part-time work) before tax is taken off. You should
include the income you expect to receive from 6 April to 5 April of the tax year you received your
flexibly accessed pension payment. If you’ve more than one job, list each employer and the amount of
expected pay from each.
If you’ve any taxable benefits such as a company car or medical insurance, you also need to include an
estimated figure for these. For more information on Tax and National Insurance on company benefits,
go to www.gov.uk/tax-company-benefits
If you’re not sure of the amount of taxable benefit that you’re going to receive, you can ask your employer
for an estimate of the amount for the tax year.
Do you expect to receive income from paid employment during the tax year 2020 to 2021?
10
No
If No, go to question 11
Yes
If Yes, fill in the table below
Employer
Expected amount of
Do you receive taxable
Total estimated amount
income from employer
benefits from this employer
of taxable benefits
before tax
(Y/N)
Self-employment income
Only show profits from self-employment. Paid employment should be included in question 10. Tax is only
paid on profits from income or earnings after any deductions for expenses or allowances. Enter the amount
before tax is taken off.
Do you expect to receive any profit from self-employment during the tax year 2020 to 2021?
11
No
If No, go to question 13
Yes
If Yes, go to question 12
Total amount of profits
12
£
0 0
Page 2
UK pension income
We’ll ask about State Pension details at
.
question 14
This includes income from:
• pension annuities
• workplace
• occupational and personal pensions
• small pension (trivial commutation)
• flexible pension payments paid as lump sums
• serious ill health lump sum
• lump sum death benefit payment
Customers filling in this form should not include non-taxable income in this section so any lump sum death
benefit payment that is tax free, should not be declared.
Enter the full amount of any UK pension income that you expect to get before tax is taken off and the taxable
part of the flexible pension payment (this will be shown on Part 1A of the form P45 that your pension provider
gave you).
For more information on how your pension income is taxed, go to www.gov.uk/tax-on-pension
Have you or do you expect to receive income from any UK pension during the tax year 2020 to 2021?
13
No
If No, go to question 14
Yes
If Yes, fill in the table below
Full amount of any UK pension
Pension payer’s full name and address
income you expect to receive
before tax is taken off
Details of pension flexibility payments or serious ill health lump sum payments paid as lump sums
Do not include any non-taxable element of the payment
Name of pension company making the flexibility payment
Tax deducted
Taxable lump sum
or serious health lump sum payment
Page 3
Taxable state benefits
The most common taxable state benefits are:
taxable Incapacity Benefit
• Jobseeker’s Allowance
• State Pension
• taxable Employment and Support Allowance
• taxable Carer’s Allowance
If you put off claiming your State Pension and you’ve received or expect to receive a lump sum this tax year
you should include the amount in this section. For more information on benefits and a full list of all taxable
state benefits, go to www.gov.uk/income-tax/taxfree-and-taxable-state-benefits
List each type of taxable state benefit and the amount you get or expect to get separately.
To work out the amount you’ll get, multiply the amount of your regular payment by the number of payments
you expect to get in the tax year.
Do you expect to receive any taxable state benefits during the tax year 2020 to 2021?
14
No
If No, go to question 15
Yes
If Yes, fill in the table below
Full amount of any taxable state
Name of taxable state benefit
benefits you expect to receive
before tax is taken off
Page 4
Page 4
Taxed interest on UK savings and investment income
As well as bank and building society interest, include interest from other deposit takers
and interest paid by:
• UK authorised unit trusts (AUTs)
• open-ended investment companies (OEICs)
• National Savings and Investment products such as fixed rate Guaranteed Income or Growth Bonds
• investment trusts
• Payment Protection Insurance (PPI) compensation payments
The bank should have sent you statements showing the interest paid.
Only enter details of any interest that will be taxed before you receive it. If you’ve a joint account only
enter your share, usually 50%, of the interest received.
These investments sometimes pay dividends. If this applies then you’ll need to answer the questions under
Dividends from UK companies. For more information on bank and building society accounts,
go to www.gov.uk/apply-tax-free-interest-on-savings
Do you expect to receive taxed interest on UK savings and investment income during the tax year 2020 to 2021?
15
No
If No, go to question 18
Yes
If Yes, go to question 16
Total amount of savings interest (before tax)
16
£
0 0
Total tax paid
17
£
0 0
Untaxed interest on UK savings
Examples of accounts and products that may pay untaxed interest are:
• National Savings and Investment products such as
— Direct Saver
— Easy Access Savings Accounts (EASAs)
— Income Bonds
— Investment Accounts
• bank and building society accounts and other deposit takers (including where you completed an R85)
• interest paid on private loans
• interest received on Payment Protection Insurance (PPI) compensation payments
You do not need to include tax exempt products such as ISAs in this section.
For more information about investments that give a tax-free return, go to www.gov.uk/apply-tax-free-interest-on-savings
If you’ve a joint account only enter your share, usually 50%, of the interest received and only enter interest
that will not be taxed before you receive it.
If you get interest from National Savings Ordinary Accounts only enter the amount above £70.
Do you expect to receive untaxed interest on UK savings during the tax year 2020 to 2021?
18
No
If No, go to question 20
Yes
If Yes, go to question 19
Total amount of untaxed interest you expect to receive
19
£
0 0
Page 5
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