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I have two personal pensions, 1 is for 5565 pa and the other

Resolved Question:

I have two personal pensions, 1 is for 5565 pa and the other is 7439 pa, I have a tax code of 404Y and also draw the OAP. How should I work out how much tax I should pay. I was born August 1936
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.

Hi

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

Please could you advise

1) How much your OAP is per year

2) Whether you are married, and ewhether your spouse was born before 05/04/1935

I can then work out what tax you should be paying Thanks Sam

Customer: replied 2 years ago.

Hi Sam,

I receive £117.37 OAP per week

I am married but I was born August 1936 and my wife July 1939.

Expert:  Sam replied 2 years ago.
Hi
Thanks for your response
So your annual income is
Private pension £5565
Private Pension £7439
State Pension £6103
This amounts to a total income of £19107
The amount of personal allowance you are entitled to - as born before 1938 is £10,660 for 2014/2015
So income £19107
Less Personal allowance £10,660
Taxable amount £8447 x 20% = £1689.40 for the year
You should be paying £140.78 approx. tax per month
Let me know if you have any follow up questions
Thanks
Sam
Customer: replied 2 years ago.

Thank you for your swift answer.

My tax code (404Y) is allocated to the lower of the two personal pensions and a Tax Code of BR is allocated to the 2nd higher pension. Would it make any difference is this was changed?

Expert:  Sam replied 2 years ago.
Hi
Thanks for your response
None whatsoever - as whatever is allocated against one, is taken from the other, and as you are a basic rate taxpayer, the tax due and to be deducted remains the same overall.
Do let me know if you have any further questions, but if in the meantime you could rate the level of service I have provided, it would be appreciated, as this ensures I am credited for my time
Thanks
Sam
Sam, Accountant
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