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bigduckontax
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My ta on a pgo just jumped gto 40%. I haved other small pensions.

Customer Question

my ta on a pgo just jumped gto 40%. I haved other small pensions. Should I claim them
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
There must be a reason for this and you should ask the PGO why this has happened. Have you reached a retirement age and been granted a lump sum on early retirement? All your pensions should be aggregated and tax applied. It would be normal for HMRC to apply a code number to your main pension and, if you have other benefits like your State Pension which is taxable, but paid gross, this code number is ***** by the amount of state benefit to recover the tax due and make you tax neutral at the year end. Of course, the sum of all your pensions might have pushed you into the higher 40% tax bracket which would explain the PGO's position. If the aggregate of all your pensions does not exceed the 20% tax bracket after the deduction of your personal allowance of 10.6K then you should do one of two things. Firstly check your tax code and ensure it correctly reflects your income position and if it does not take it up the HMRC office which issued the coding and get it amended. Secondly if an over deduction of tax has been made this early in the tax year you can approach your own tax office with a view to an immediate refund of the over paid tax. I do hope that my reply will be of some assistance.
Expert:  dianne-cssm replied 1 year ago.
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