HMRC repays £44m in overpaid pensions tax during Q1 2025

More than £1.4bn in overpaid pensions tax recouped since 2015

Martin Richmond
clock • 3 min read

HM Revenue and Customs (HMRC) repaid nearly £44m in overpaid pensions tax in the three months from January to March this year, newly published figures have shown.

HMRC's April pension schemes newsletter - published yesterday (24 April) - revealed it had repaid £44,003,977 covering the period from 1 January to 31 March 2025. This marked a £5.5m decrease on the amount HMRC repaid in the final quarter of 2024, which amounted to £49,514,458. The newsletter also showed 15,274 forms were submitted during this period, including 9,694 P55 forms, 4,409 P53Z forms and 1,171 P50Z forms. Analysis of HMRC's figures conducted by AJ Bell revealed the average reclaim amounted to £2,881. It also found over £1.4bn has been reclaimed by savers overtaxed on pensio...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Adviser chases Hartley Pensions for ten months over clients' SSAS transfer

Adviser chases Hartley Pensions for ten months over clients' SSAS transfer

Takes case to The Pensions Ombudsman

clock 10 September 2026 • 2 min read
Pension changes to impact more than half of advised clients

Pension changes to impact more than half of advised clients

Advisers’ biggest concern is not understanding the pension IHT rules

Sophia Panayi
clock 09 September 2026 • 2 min read
HMRC updates on information sharing for IHT on pensions

HMRC updates on information sharing for IHT on pensions

Second technical note

Alex Levy
clock 01 September 2026 • 2 min read