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Sam, Accountant
Category: Tax
Satisfied Customers: 14165
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I am 59,do not have a job. I live off a company pension, £447

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I am 59,do not have a job. I live off a company pension, £447 gross received monthly.
Also dividend distribution from unit trusts £900 per month which is net of 10%tax.
Can I claim any tax back or do I pay more tax on the "pension"?
Am I classed as a NON-UK TAX PAYER ?
This is a new arrangement and I will be filling in a self-assessment soon.

Thanks for your question, I am Sam and I am one of the Uk tax experts here on Just Answer.

I am afraid the 10% tax credit suffered from the unit trusts is non refundable tax - as whilst you have been given credit for 10% tax (so you do not suffer any further tax) this is NOT paid over to HMRC so is notional only.

But you are classed as a non taxpayer due to the fact that your level of income is less than £42,475 (so no further liability will arise on the dividends) and your income from your former employer pension is less than the personal allowances |(£10,000 a year)

So on the self assessment you will show the pension received from the former employer - and also the dividends received, but this will not result in any further tax being due from you.
But you are required to fill in self assessment so that HMRC can satisfy themselves there is no liability arising.

Do feel free to ask any follow up questions


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