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Expert Lu
Expert Lu, Business Consultant
Category: Tax
Satisfied Customers: 183
Experience:  ACCA Diploma
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One was to withdraw their pension, what is the tax% please,

Customer Question

One was to withdraw their pension, what is the tax% please
JA: Have you talked to a tax professional about this?
Customer: No
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: I live outside the UK in Falkland islands
Submitted: 13 days ago.
Category: Tax
Expert:  Expert Lu replied 13 days ago.

Hello

I am an expert  with JustAnswer and I am happy to assist you with your question.  Please kindly clarify which country you are resi in and where is the pension.?

Thank you in advance

Customer: replied 13 days ago.
I am resident in falklands Islands, my pension is with standard life UK
Expert:  Expert Lu replied 13 days ago.

Hello After reviewing  your question,  you can take a cash lump sum payment.

When you take money from your pension pot, 25% is tax free. You pay Income Tax on the other 75%. Your tax-free amount doesn't use up any of your Personal Allowance – the amount of income you don't have to pay tax on.

Please kindly feel free to ask if you need me to clarify  my answer.

Thank you in advance