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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5112
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have been on sickness benefit 10 years i am due

Customer Question

i have been on sickness benefit for over 10 years i am due my pension 13 march this year, it is a large sum of money i have been advised that i can take it all,this is my intention.
i have been advised that i will pay tax on the full amount,apart from my 25% tax free payment,with being out of work for over 10 years can i claim all the tax back
Submitted: 2 years ago.
Category: Tax
Expert: replied 2 years ago.
Thank you for your question.Every tax year one gets a personal allowance and earnings up to the personal allowance are tax free. Any income over and above it is subject to income tax.If in a given year your earnings are below the personal allowance, then you can't carry forward any under utilised personal allowance into following or future years. I'm afraid.I am sorry to say, you won't be able to claim all the tax back on the grounsd that you may not have used all your personal allowance over the past 10 years.I wish the news was more favourable. 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.