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My works pension is £9176 per annum my OAP is soon to be £131

Resolved Question:

My works pension is £9176 per annum my OAP is soon to be £131 per week. I have £8K savings in a NSI bond.....4 years ago. I rent my property and am single. I haven't received a tax form for four years is this normal.
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.
Hi

Thanks for your question, I am Sam and I am one of the UK tax experts here on Just Answer.

As long as when you advise that you rent your property, that you mean you pay rent for this property (rather than receive rental income due to owning a property)

Your affairs are very straight forward - as you have your works pension, and a state pension.
Your state pension will be deducted from your tax free personal allowances (as its a taxable income, but tax cannot be deducted from it directly) leaving any balance of allowances to use against your works pension.

The NSI bond - if these are premium bonds, then any pay outs are tax free - and if its Income bonds then I imagine you are getting your interest WITHOUT the deduction of tax, and then you should be declaring this income to HMRC as tax will be due.

let me know if these are Income Bonds, and I can then advise what action you should take to alert HMRC

Thanks

Sam
Customer: replied 3 years ago.

this is a fixed rate bond taken out over 3 years....

Expert:  Sam replied 3 years ago.
Hi

Thanks for your response

Is tax deducted from the income paid out ? As there are so many fixed rates bonds, is this limed within an ISA ?
Please advise further - if you are unsure that you can check with the documentation you would have been provided with or contact National Savings and ask what type of income this generates and whether tax is deducted at source.

I can then advise further

Thanks
Sam, Accountant
Category: Tax
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