How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3822
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

I am about to receive a deficiency grant from my late wifes pension and I have to pay tax

Resolved Question:

I am about to receive a deficiency grant from my late wifes pension and I have to pay tax on the full amount.( no tax taken off at source) what can I offset from this amount to reduce the tax implications
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. I am so sorry to hear of your wife's demise. This is simply income in your hands. The only way in which income can be reduced for tax purposes is by paying into a private pension fund within the 40K annual limit. This 40K includes any contribution by your employer or those made elsewhere by you. I am so sorry to have to rain on your parade.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

Related Tax Questions