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    • 1sadoldlady
    • By 1sadoldlady 13th Mar 17, 7:49 PM
    • 4Posts
    • 2Thanks
    1sadoldlady
    Tax Credits and lump sums
    • #1
    • 13th Mar 17, 7:49 PM
    Tax Credits and lump sums 13th Mar 17 at 7:49 PM
    Last year I took early retirement from the NHS and took my pension lump sum.
    This I have completely spent towards my mortgage
    I currently get child tax credits do I declare my lump sum at my next renewal and will this affect my benefit
    Many thanks for any advice
Page 1
    • marliepanda
    • By marliepanda 13th Mar 17, 7:51 PM
    • 4,458 Posts
    • 8,855 Thanks
    marliepanda
    • #2
    • 13th Mar 17, 7:51 PM
    • #2
    • 13th Mar 17, 7:51 PM
    Was it a taxable lump sum? I believe tax credits looks at taxable income?
    Survey Earnings 2017 - £163
    • 1sadoldlady
    • By 1sadoldlady 13th Mar 17, 7:55 PM
    • 4 Posts
    • 2 Thanks
    1sadoldlady
    • #3
    • 13th Mar 17, 7:55 PM
    • #3
    • 13th Mar 17, 7:55 PM
    My lump sum was tax free however my monthly pension is taxable.


    Thanks for replying
    • Icequeen99
    • By Icequeen99 13th Mar 17, 8:00 PM
    • 3,285 Posts
    • 2,257 Thanks
    Icequeen99
    • #4
    • 13th Mar 17, 8:00 PM
    • #4
    • 13th Mar 17, 8:00 PM
    My lump sum was tax free however my monthly pension is taxable.


    Thanks for replying
    Originally posted by 1sadoldlady
    It won't count for tax credits but your monthly pension will (less £300 disregard for the year)

    IQ
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