Have I overpaid Tax on my Pension withdrawal?
Did you know, up to 25% of Pension withdrawals are tax free.
(HMRC Pension schemes newsletter 106, January 2019)
The highest refund to date is £7,919.51!*
*This figure is based on the highest pension related refund recovered so far. Your actual refund amount may differ.
If you have withdrawn from your Pension Fund, taken a Lump Sum, Drawdown or
have purchased an Annuity, you may be due a tax refund.
Illustrative example of a Pension tax refund:
Keith Sheppard has been contributing towards his pension for over 30 years. He recently retired and wants to take his wife Samantha on a cruise (with a balcony) as well as do some repairs to their property.
He completes his tax rebate pension application using our online tax rebate calculator and receives a tax refund of £6,152.55 a few weeks later that enables him to treat his wife and live more comfortably!
Below is a breakdown of his tax rebate – as per HMRC legislation, he was able to claim back overpaid tax on his pension:
|Keith withdrew from his pension||£22,096.19|
|HMRC taxed him||£8,371.75|
|We claimed back on behalf of Keith||£6,152.55|