Form P55 "Flexibly Accessed Pension Payment: Repayment Claim (Tax Year 2020 to 2021)" - United Kingdom

What Is Form P55?

Form P55, Flexibly Accessed Pension Payment: Repayment Claim, is an official application retired individuals can use to request the government to pay them back the tax they are owed.

Alternate Name:

  • P55 Tax Form.

Fill out Form P55 if you have taken a part of your pension via a flexible payment and the pension body cannot make a tax refund at the moment. This document was released by United Kingdom HM Revenue & Customs on April 1, 2020, with all previous editions obsolete. Download a printable P55 Form through the link below.

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How to Fill in Form P55?

Before you start, read the guidelines to make sure you are eligible for a refund. It is possible to include estimated amounts if you do not yet know your exact income for the required period. Follow these steps to fill out Tax Form P55:

  1. Begin with your personal information - indicate your title, full legal name, and date of birth. Enter your National Insurance Number and the Pay-As-You-Earn Number you can learn from your employer (if applicable).
  2. Add your contact details - current mailing address to receive further correspondence and telephone number. Do not forget to state the best time for the United Kingdom HM Revenue & Customs to reach out to you in case they need to ask questions and specify certain details you may omit in the claim.
  3. Outline the employment income you are planning to receive during the tax year. You may list several employers and include taxable benefits you are entitled to.
  4. If you receive any profits while being self-employed, record their amount in the provided space.
  5. Write down the full amounts of pension income you are expecting - note that you must indicate the amount before taxation. Identify the company that made a lump sum pension flexibility payment, specify the tax deducted, and the lump sum subject to taxation.
  6. State the taxable benefits and allowances you are going to receive - to find out the total amount, you need to multiply your regular payment by the total number of yearly payments.
  7. Enter the amount of taxed and untaxed interest you have on savings and investments. Thoroughly read the examples provided for each category to make sure you are filling out the correct boxes.
  8. Record the total amount of income you are planning to receive from domestic dividends. Add any other sources of income you have separately.
  9. If you are participating in the gift aid scheme, state all one-off and regular payments.
  10. Indicate your bank account information for future repayment - you may choose another person to receive this money on your behalf.
  11. Confirm the information in the claim is correct, add your name and telephone number. Sign and date the document. Alternatively, it can be signed by a legal representative if they write down their status below.
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Flexibly accessed pension payment:
repayment claim (tax year 2020 to 2021)
About this form
Use this form to claim back tax if the following applies:
If you’ve got PAYE and SA income, we’ll not include any
• y ou’ve flexibly accessed your pension
SA income in calculating your repayment, unless you ask
• y ou’ve only taken part of your pension pot and will not
us to do so.
be taking regular payments
We’ll make checks at the end of the tax year and contact you
• t he pension body is unable to make any tax refund
if the amount is different.
If you’re not a UK resident for tax purposes you do not
We recommend that you keep this paperwork until these
need to complete this form. Instead, go to
checks are complete.
www.gov.uk/tax-foreign-income/taxed-twice or
What to do now
phone the Taxes Helpline on 0300 200 3300.
Fill in questions 1 to 9 below, then complete all other
So that we can make sure we repay the right amount of
questions which are relevant to you.
tax to you, complete this form with details of any other
Use whole numbers, rounded down to the nearest pound.
income that you expect to receive during the tax year.
If you do not know the final figures enter the most
Make sure that you sign the declaration on page 8.
accurate estimates you can.
For more guidance phone Tax help for Older People
If you fill in a Self Assessment (SA) Tax Return:
on 01308 488 066. They’re an independent charity which
• d o not include any estimated SA income in your claim,
provide free tax advice to older people on low incomes.
unless you want us to include this in calculating
If you need a large print version of the form phone the
your repayment
Taxes Helpline on 0300 200 3300.
• y ou’ll still need to pay any balancing payments owed and
payments on account when due, you can ask us to use your
repayment to lower your payments on account
• i nclude any repayment you’ve received on your next
SA tax return
• y ou must let us know when you no longer need to
complete a SA tax return
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
/
P55
Page 1
HMRC 04/20
Flexibly accessed pension payment:
repayment claim (tax year 2020 to 2021)
About this form
Use this form to claim back tax if the following applies:
If you’ve got PAYE and SA income, we’ll not include any
• y ou’ve flexibly accessed your pension
SA income in calculating your repayment, unless you ask
• y ou’ve only taken part of your pension pot and will not
us to do so.
be taking regular payments
We’ll make checks at the end of the tax year and contact you
• t he pension body is unable to make any tax refund
if the amount is different.
If you’re not a UK resident for tax purposes you do not
We recommend that you keep this paperwork until these
need to complete this form. Instead, go to
checks are complete.
www.gov.uk/tax-foreign-income/taxed-twice or
What to do now
phone the Taxes Helpline on 0300 200 3300.
Fill in questions 1 to 9 below, then complete all other
So that we can make sure we repay the right amount of
questions which are relevant to you.
tax to you, complete this form with details of any other
Use whole numbers, rounded down to the nearest pound.
income that you expect to receive during the tax year.
If you do not know the final figures enter the most
Make sure that you sign the declaration on page 8.
accurate estimates you can.
For more guidance phone Tax help for Older People
If you fill in a Self Assessment (SA) Tax Return:
on 01308 488 066. They’re an independent charity which
• d o not include any estimated SA income in your claim,
provide free tax advice to older people on low incomes.
unless you want us to include this in calculating
If you need a large print version of the form phone the
your repayment
Taxes Helpline on 0300 200 3300.
• y ou’ll still need to pay any balancing payments owed and
payments on account when due, you can ask us to use your
repayment to lower your payments on account
• i nclude any repayment you’ve received on your next
SA tax return
• y ou must let us know when you no longer need to
complete a SA tax return
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
/
P55
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
of taxable benefits
before tax
employer (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
• pension death benefit lump sum payments
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 or pension death benefit lump sum payment.
The taxable amount will be shown on any letter or payment slip received from your pension provider.
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 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
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 percent 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
• b ank and building society accounts and other deposit takers (including where you completed an R85)
• interest paid on private loans
• i nterest 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 percent, 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