Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hi I have deferred my state pension for 4.5 years and accrued £55,500 I have claimed my pension in May, June and July, receiving £1024 each month and have now stopped the payments. My question is this if I do not use my tax allowance of £10,600 up until April 6th 2016 will I be eligible to pay tax on my lump sum. I have no othr source of income
Hi Keith so if I only claim say £9k in state pension during this tax year and have no other source of income will I have to pay tax on the lump sum, Will HMRC take into account the fact te I ave stopped my weeky pension to remain under the £10.6 tax free allance as my payment re £1024 per 4 weeks.