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TonyTax
TonyTax, Tax Consultant
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I have two pensions. One is the pension from annuities

Resolved Question:

I have two pensions. One is the pension from annuities ,,,,,,,,,,, of £976 19 per month and the other is an RAF pension of £379 96 of which £75 80 is taken in tax. I also receive £1500 per month maintenance from my ex husband which I think is tax free. Is this tax being deducted from the RAF pension correct ? I have only been receiving the RAF pension for a couple of months and have only just been informed of tax liability. I only receive this maintenance until I am 65 and then it drops to £300 per month.
Submitted: 8 months ago.
Category: Tax
Expert:  TonyTax replied 8 months ago.

Hi.

Let me take a look at this and I'll get back to you in a bit.

Expert:  TonyTax replied 8 months ago.

Maintenance income is not taxable.

If you receive £11,714 (£976.19 x 12) pre tax from various annuities and £3,799 (£379.96 x 10) from the RAF pension in 2016/17, your total income will be £15,513. Deduct the personal allowance of £11,000 and you are taxable on £4,513 at 20% leaving you with a tax liability of £902.60 for the year or £75.22 per month.

If you receive 11 RAF payments in 2016/17, your total income will be £15,893. Deduct the personal allowance of £11,000 and you are taxable on £4,893 at 20% leaving you with a tax liability of £978.60 for the year or £81.55 per month.

In a full tax year, your income will be £16,273 (£11,714 + £4,559). Deduct the personal allowance of £11,000 and you are taxable on £5,273 at 20% leaving you with a tax liability of £1,054.60 the year or £87.88 per month.

I would recommend that you call the tax office on the number here and ask them to review all your tax codes while you are on the phone, given that you have numerous pensions. They can make any necessary adjustments while you wait.

I hope this helps but let me know if you have any further questions.

TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15838
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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