The P55 pension form
Form P55 has been provided by HMRC to expedite the repayment of tax if you’ve flexibly accessed your pension. This form is used if you have taken only a part of the pension and you do not have a P45 and do not work or do not claim any state compensation. Simply put, the P55 form should be completed with information regarding any other income that an individual can expect to receive during the tax year to ensure that HMRC returns the correct amount of tax.
The question is whether the P55 form is used if the beneficiary has taken all his pensions at once? In this case, one should be careful because, depending on the situation, two forms are used, P53Z and P50Z, more precisely:
- in a situation that implies that you have taken all the money from your pensions and are still earning income (or perhaps claiming benefits), you will use the P53Z form.
- in case you do not receive income, do not receive any benefits and you have taken the full amount of the pension, a P50Z form is required.
You can get a P55 form from HMRC directly and can fill it in online or in the paper format using the link https://www.gov.uk/government/publications/flexibly-accessed-pension-payment-repayment-claim-p55 . If you need to speak to someone about your P55, you can call on HMRC on 0300 200 3300.