PAYE76076 - PAYE operation: pensioners: P46(LS) – state pension lump sum deferral
From 6 April 2005 anyone who defers their state pension for 12 months or more can choose to receive either
- An increased weekly amount of state pension
- A one-off lump sum and the weekly state pension at the standard rate
The purpose of form P46(LS) is for DWP to tell HMRC that a
taxpayer has chosen to receive a lump sum payment.
The P46(LS) is sent to Leicester and Northants Area,
(This text has been withheld because of exemptions in the
Freedom of Information Act 2000)who will try to trace existing
tax records for the taxpayers concerned. If a record cannot be
traced or a CY-1 leaver is traced, Leicester and Northants will
become GCD.
As the lump sum is a one off payment it is not appropriate
for records to be held at this employer reference for any length of
time, in most instances, so if a new source of income commences the
record should be transferred. For more information see
PAYE76025.
