Hi, I'm hoping someone can advise me how to proceed as this is the first time I've ever drawn down any pension money or claimed tax back. I'm going around in circles dealing with HMRC in the UK where my tax has been deducted. I'm a resident in Ireland for 18 years, have no income in Ireland or the UK & do not pay tax in either country.
I drew down approximately £40,000 from my UK Prudential pension as an uncrystallised funds pension lump sum & received the money 2 weeks ago. It was transferred by Prudential to my UK Nationwide account & is still there as of now but will be sent across to my Irish current account this month. I received approx £10,000 (25%) tax free & was then taxed on the remaining 75% at what I believe is emergency tax rate. I understand I would have a personal tax allowance of £12,000 in the UK & anything over that I have to pay tax at 20%. The taxable lump sum was approx £29,700 & £11,600 was deducted in tax so I am hoping to claim around £9,000 back.
I rang HMRC & was told by 2 different departments that I needed to fill in form P55 to claim back this overpayment of income tax. Upon reading P55 online it turns out I do not need to fill in this form at all as I'm not a UK resident. I did explain this to HMRC. Now I have downloaded a form from the HMRC website to claim the tax back under the UK/Ireland double taxation convention.
So I need to know;
(a) Am I going about this the right way now by filling in the double taxation form that I then send to the Inspector of Taxes here in Ireland.
(b) Should I wait until the money has been transferred to my Irish account before initiating the claim?
(c) Will I get any tax that is due to me back before the end of this financial year ie before April 2023?
Prudential really dragged their feet settling my claim. I initiated the claim in mid February & finally received my money in mid May 8 weeks later. I complained in writing & they admitted the lump sum should have been transferred by 8th March, so the last financial year. My claim was reviewed & due to their delay they have reimbursed me the amount of money I have been disadvantaged by. All well & good but I need this tax back asap.
Thanks in advance for any advice you can give me.
Julie
I drew down approximately £40,000 from my UK Prudential pension as an uncrystallised funds pension lump sum & received the money 2 weeks ago. It was transferred by Prudential to my UK Nationwide account & is still there as of now but will be sent across to my Irish current account this month. I received approx £10,000 (25%) tax free & was then taxed on the remaining 75% at what I believe is emergency tax rate. I understand I would have a personal tax allowance of £12,000 in the UK & anything over that I have to pay tax at 20%. The taxable lump sum was approx £29,700 & £11,600 was deducted in tax so I am hoping to claim around £9,000 back.
I rang HMRC & was told by 2 different departments that I needed to fill in form P55 to claim back this overpayment of income tax. Upon reading P55 online it turns out I do not need to fill in this form at all as I'm not a UK resident. I did explain this to HMRC. Now I have downloaded a form from the HMRC website to claim the tax back under the UK/Ireland double taxation convention.
So I need to know;
(a) Am I going about this the right way now by filling in the double taxation form that I then send to the Inspector of Taxes here in Ireland.
(b) Should I wait until the money has been transferred to my Irish account before initiating the claim?
(c) Will I get any tax that is due to me back before the end of this financial year ie before April 2023?
Prudential really dragged their feet settling my claim. I initiated the claim in mid February & finally received my money in mid May 8 weeks later. I complained in writing & they admitted the lump sum should have been transferred by 8th March, so the last financial year. My claim was reviewed & due to their delay they have reimbursed me the amount of money I have been disadvantaged by. All well & good but I need this tax back asap.
Thanks in advance for any advice you can give me.
Julie