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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15916
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have cashed my private pension in this year I did not get

Resolved Question:

I have cashed my private pension in this year I did not get my 25% tax free allowance on it because I used it up 5 years ago when I cashed some of it in then could you tell me if this is right or wrong
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. I'm afraid that the way your pension has been dealt with is correct. The pension rules five years ago were very different to those that exist now. Five years ago, the tax free lump sum was based on the value of the fund at that time and if you took it all, then you cannot take any more. Take a look here and here for more information on the 25% tax free lump sum. I hope this clarifies your position but let me know if you have any further questions.
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