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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4972
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My income comprises State pension - £668.80 per month Gross

Resolved Question:

My income comprises State pension - £668.80 per month Gross
Final salary pension - £2758.46 per month Gross
Annuity pension - £287.77 per month Gross
Which equates to a total monthly net income of £3034.19 of which I pay £1200 / month in maintenance to my ex wife.
Is there any way of reducing my tax burden.
Regards ***** *****
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question.When one is in receipt of income that is taxed/taxable at source (all types of pensions and salary) the only way to reduce tax burden is to make contribution into a pension fund. Having said that, pension contributions against earnings are most tax efficient but in your case there is no earned income as pension income is not deemed earned income for this purpose.If you don't have any earnings (e.g. you don't work) you can make a gross contribution of up to £3,600 each year into a pension fund (equivalent to £2,880 net).Maintenance costs don't attract any tax relief, I'm afraid.I am sorry I may not have given the news you were expecting. I hope this is helpful and answers your question.If you have any other questions,please ask me before you rate my service – I’ll be happy to respond.
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Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
Best wishes.

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