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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Im a widow and just started receiving my pension from my

Resolved Question:

Im a widow and just started receiving my pension from my husbands pension. My state pension has also increased increasing my annual income from pensions to £35000 per annum. I'm alarmed about the amount of tax that's been deducted. Basically do not understand tax on pensions.
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your question.

Please advise what tax code has been applied to pensions you receive.

Is your total income £35,000?

many thanks

Customer: replied 1 year ago.
169L X yes my income is £35,000
Customer: replied 1 year ago.
BR (M1)
Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your reply.

State pension is taxable although one receives it tax free.

Your total income is above your personal allowance and it appears your other pensions are covered by your personal allowance before adding pension from your late husband's pension. Any additional income is attracting tax at basic rate as your total income is within the threshold of basic rate tax of 20%.

Tax code BR stands for tax at basic rate.

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.

Customer: replied 1 year ago.
Many thanks
Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your reply.

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