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TaxRobin
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What is the percentage tax if i cash a pension

Resolved Question:

what is the percentage for emergency tax if i cash a pension worth £1073.00
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
You’ll pay up to 55% tax on payments from your pension provider if you are getting money from a pension under what is called ‘unauthorised payments’.
Unauthorised payments include:
the part of a tax-free lump sum that’s worth more than 25% of your pension pot
any payments before you’re 55, unless you have the right under your pension scheme
a ‘trivial commutation’ lump sum worth more than £30,000
regular payments after you’ve died
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