What is a P55 form?
05 May 2020
The HMRC form P55 should be used by individuals to reclaim an overpayment of tax when they have flexibly accessed part of their pension pot. They can claim back from HMRC if they have either flexibly accessed their pension, they have taken only part of their pension and will not be taking regular payments, or if their pension body is unable to make the tax refund.
You can access the form at the HMRC website.
Claims can be made by either using the online form, completing the form on-screen, printing it off and posting it to HMRC or printing off the form, completing it by hand and posting it to HMRC.
In order to claim online, claimants will require a Government Gateway user ID and password, but if they do not have a user ID, one will be created when they claim.
For individuals who have used all of their pension pot, they should use form P50Z or, alternatively, form P53Z.
The form should be completed with details of any other income that an individual expects to receive during the tax year to ensure that HMRC repay the correct tax figure. Where final figures are not known, the most accurate estimate needs to provided, in whole numbers and rounded down to the nearest pound.
HMRC will perform checks at the end of the tax year and contact individuals if the amount is different. Individuals should retain their pay and tax records.
Older individuals with lower incomes can call the independent charity Tax Help for Older People if they require free tax advice.
Individuals not classed as a UK resident for the purposes of tax do not need to complete the form and can either check how to make a claim under a double taxation agreement or phone the Savings helpline.
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