The amount of tax deducted from a short service refund lump sum made is 20% in respect of the first £20,000 of the payment and 50% in respect of the remainder of the payment over £20,000. These rates and the threshold can be amended by the Government at any time.

If there is an amount of the refund before tax that is greater than the amount of the contributions you paid (i.e. representing investment growth) then this amount does not form part of the short service refund lump sum for tax purposes. The excess is nevertheless taxed and you must account for it on a self-assessment tax return.

Date of refund:
Employee gross refund:
AVC gross refund:
AVC bonus gross refund:
Total gross refund:
Tax on refund:
Total net refund: