Thousands of People Withdrawing Cash Urged to CLAIM REFUND WORTH AVERAGE £ 3,800

You May Be Due Cash Back from the Taxman if You Were Hit With Emergency Tax After Diping Ino Your Pension for the First Time – We Explain How to Fix this Problem

Thousands of Older Brits Are Being Urged to Check If they’re Owed Money From Hmrc Worth an Avent of Around £ 3,800.

You May Be Due Cash Back from the Taxman if You Were Hit with Emergency Tax AFTER DIPPING INTO YOUR PENSION FOR THE FIRST TIME. The Latest Figures Show Hmrc Repaid £ 48.7Million in Overpaid Pension Tax Between April 1 and June 30.

A Total of 12,767 CLAIMS WERE PROCESSED IN Total, with an average payments of £ 3,815. You risk being charged Emergency Tax if Hmrc Treats Your First Pension with you will will continue to be paid each month – this thing you don’t make any stupid with tax year.

Under pension freedom rules Introduced in 2015, you can normally with to 25% of your pension Tax-free from the age of 55, and then charged your normal income tax on the Remaining 75%. IT COMES AFTER DWP STATE PENDERS ARE SET TO GIVEN ‘EXTRA £ 352’ Completely Free.

Helen Morrissey, Head of Retirement Analysis at Hargreaves Lansdown, Said: “The Overpaid Pension Tax Saga Continue to Drag on.

“With an average refund of around £ 3,800, these refunds amoun to a significant chunk of Change. The problem hits People who are taching a lump sum their pension for the first time.

“They Get Taxed on what is a ‘month one’ bass, which means is treated as though the same amout come out. This results in a far Bigger Tax Bill, which can come as an unpleasant surprise or a de-rail people retreatment plans.” “

Can i claim overpaid pensions Tax Back?

You can CLAIM BACK The Difference BetWeen How Much You Paid in Emergency Tax, and How Much You Should Have Paid With Normal Tax Rate, by Filing Out A Online. Alternatively, you can Wait for HMRC to repay you at the end of the tax year.

You’ll Need to Fill Out One of the Following Three forms, Depending on How You Have Accessed Your Retirement Pot.

• If you’ve emptied your pots by flexibly accesting your pension and are still working or recipes benefits, you should yarn out p53z
• If you’ve emptied your pot by flexibly accesting your pension and anen’t working or recipe benefits, you should yarn out p50z
• If you’ve only flexibly accessed part of your retirement pot.

MS MORRISSEY CONTINED: “There are Are Things you can do to mitigate it. For instance, you coulud make your first pension with relatively small one.

“Howver, if you were looking to take a river a river to end Travel or Home Renovations, for instance, you will need to plan to make sura the coins you have been whittled by Tax what your plans.

“If you will get clobbered with a Big Tax Bill, then you will need to thread ion of three forms so that hmrc can process the refund. Otherwise, you can wait the end of tax year.”