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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have £17714.00 in a pension ,and I am 11 month from being

Resolved Question:

I have £17714.00 in a pension ,and I am 11 month from being 65 .I would like to take the whole lot in a lump sum to pay off all my debts before I retire. how can I work my tax out please. I have other income at the moment two very small pensions and eesa payments
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.

Hi.

If your total income in the 2015/16 tax year is no more than £42,385 including the pension you are about to take as a lump sum, you will pay tax at 20% on the excess over your personal allowance. Take a look here for information on personal allowances and tax rates.

I hope this helps but let me know if you have any further questions.

TonyTax and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

thanks ,for the excerlent service

Expert:  TonyTax replied 2 years ago.
Thanks.