Claiming a repayment of tax from HMRC
An updated version of the form P50 entitled ‘Claim for repayment of tax when you have stopped working’ has been published. The form can be used by individuals to claim back excess tax that has been paid when taxpayers have stopped working.
The form can be used in the following circumstances:
- By a taxpayer that has been unemployed for four weeks or more.
- By a taxpayer that does not expect to go back to work.
- By individuals who have permanently retired and are not receiving a pension from their old employer.
- By individuals who have returned to full-time study.
Taxpayers who are claiming taxable benefits such as Jobseeker’s Allowance (JSA), Taxable Incapacity Benefit (IB) or the Employment and Support Allowance (ESA) cannot use this form to make a claim.
The form is also useful for students and (and other temporary workers) that may not be required to pay any Income Tax on earnings that are below the tax free personal allowance for the year. Students who already have earnings in the current tax year (within the personal allowances thresholds – currently £10,000) could be eligible for a refund. A refund of overpaid tax can be requested using the P50 form.