Old Mutual Wealth acts as an agent of the HM Revenue and Customs (HMRC) and collects tax from your clients’ withdrawals in accordance with HMRC instructions. HMRC tells us what tax code to use but they will not discuss your clients’ personal tax liability with us. If your clients have any issues or queries regarding their tax payments, they will need to contact HMRC directly.
We have created a document to help your client understand the possible tax due on their pension withdrawal(s), how the tax is taken, and where they can check that the tax is correct.
Claiming back tax – there will be times when the amount of tax deducted is more than your client may expect. If they are not expecting to receive further pension withdrawals in that tax year, they may be able to reclaim any overpaid tax directly from HMRC. We recommend you contact the HMRC helpline on 0300 200 3300 to discuss in detail your client’s tax liability position or visit the GOV.UK site to find out more about claiming a tax refund.
Personal Tax Account
For speed and convenience, your client could register for an HMRC 'Personal Tax Account'. It will allow them to manage their tax affairs online, quickly and simply, whenever they want. It’s safe, personalised, and brings together all their tax information in one place.
For further information please visit the ‘your personal tax account’ page on the GOV.UK site.