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How to claim back national insurance & tax on your pension & savings

You can only claim back tax on your pension national insurance or savings if you have overpaid. The process is somewhat simple and familiar to reclaiming overpaid income tax.

You can easily overpay tax on your personal, company or state pension due to being aside the wrong tax code.

To claim back tax on your pension you will need:

Your pension and benefits information
Your p45
Your p60
Payslips from your work

You can simply contact HMRC with all this information and request data on all your tax contributions and a refund of any rebate due to you.

How to claim back tax on your savings

Savings accounts usually have the tax deducted from your interest before the money is paid into your account. This means tax can be overcharged wrongly with very few people noticing.

In some cases you should not even be paying tax on your savings as you earn below the personal allowance, you can go ahead and reclaim all the tax that has been deducted previously.

Except your savings are in an ISA (which is tax free) or you have filled in a R85 form to let your savings manager know that no tax should be charged on your savings as you are exempt, you will likely be paying tax on your savings.

You can reclaim the tax deducted from your savings by filling in a R4O form and sending this to your local tax office.

Have you overpaid on your national insurance?

This can be the case if you have had a variety of jobs over the year or your self employed earnings( if you are self employed) fell below the annual small earnings limit. In this second case You should write to HMRC within 12 months for a refund on any national insurance contributions that have been overpaid.

In all other cases there is no limit on when you can reclaim your national insurance overpayments if you have

  • Worked in more than one job

  • Been self employed and employed

  • You have not made enough voluntary contributions to be eligible for a state pension

In any other cases you will have a six year time limit to reclaim any overpaid national insurance.

To make a claim for national insurance refunds visit the gov.uk website or call HMRC. It is somewhat complicated and the structure may have changed since the time of writing.

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How to claim back national insurance & tax on your pension & savings
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