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taxadvisor.uk, Chartered Certified Accountant
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when i worked i paid 20 pc tax. now i have retired i pay 20

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when i worked i paid 20 pc tax. now i have retired i pay 20 pc tax now is that right or note.
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.

Hello and welcome to the site. Thank you for your question.

The basic rate of tax is 20%.

If your income is below £32,010 after personal allowances (tax year 2013-14), then the rate applied for income tax is 20%. Pension is regarded as taxable income and attracts the same rate of tax as earned income.

I hope this is helpful and answers your question.

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