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tax and pensions
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whu
Posts: 23,461 Forumite
Just a quick question - i assume that you pay income tax on your pension in retirement at the same rates as you would on income earned while you are working but would appreciate it if someone could confirm this.
Thanks
Thanks
Keep the Faith:cool:
0
Comments
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yes, you do pay tax on your pension .... however if you are over 65 you do get a higher personal allowance subject to an overall earnings limit0
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If your earnings over 65 are above £21,800 there is also an addition taxation which under 65s dont have. Every £1 above £21,800 sees 50p of the age allowance removed.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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