New pension refund form P55 needs redesign say HMRC
In the Pension schemes newsletter number 69 HMRC has confirmed that form P55 that was introduced in April 2015 for individuals to obtain in-year tax refunds on ‘pension freedom’ tax charges can be used for more than one withdrawal in a tax year even though the form indicates it cannot. The form will be redesigned in due course.
They also point out:
There are 3 new forms which should be used in these cases – the P50Z, the P53Z and the P55. We have a 30 day turnaround (from the date the information is received by HMRC) for processing these new forms. We are aware that individuals are using the standard P50 and P53 forms to request in-year repayments where a pension flexibility payment has been taken. However, this means that repayments claimed in this way do not fall within the priority 30 day processing deadline. Please remind people that to avoid unnecessary delays, they should use these new forms to request in-year repayments where a pension flexibility payment has been taken from a registered pension scheme. You can find more information about how to do this at ‘claim in-year repayments’, including links to forms P50Z, P53Z and P55.