From 1 April 2020, if the PIR you advised us was incorrect, then following the end of any tax year, Inland Revenue will refund any overpaid PIE tax if your PIR was too high, or require you to pay any PIE tax shortfall at the correct PIR if your PIR was too low.

For tax years ending on or before 31 March 2020, if you were eligible to elect a lower PIR and notified a higher PIR to us or did not advise a change to a lower PIR, Inland Revenue will not refund any excess tax paid for those years. If you notified a lower PIR to us or did not advise a change to a higher PIR, you may be required to file an income tax return for the relevant tax year and pay any tax shortfall at your marginal tax rate plus any interest and penalties. You will receive a tax credit for tax paid by investment funds on your behalf.