£60 Tax rebate help please

Tease_2

Hi
I thought that I should have received the £60 tax rebate in this months pay, but nothing.
Please can anyone advise me if this is correct?
I have two private pensions that are paid to me monthly.
Pension 1:Is a small pension, and I do not pay any tax on this one. Tax code was 330L but on this months pay slip has changed to 390L.
Pension 2:Is the larger of the two pensions and I pay tax on this. Tax code is 192T and has not changed.
Is it correct that I did not get the £60 or should I have received something?
Many thanks.

ceeforcat

On Pension 1 what is the total tax to date figure for this month and last month?

I suspect that it is Nil in both cases and that you pay tax at pension 2. Ask the HMRC to increase your allowances at pension 2 instead of pension 1 - you should get £60 rebate next month on the proviso that you have paid £60 tax to date.

CLAPTON

Your tax code has changed by the correct amount but unfortunately it is allocatd to the code with the 'L'.( i.e. your smaller pension).
As you pay no tax on this income you can't received any tax reduction.

You need to speak to the HMRC about changing the way your tax allowances are allocated between your two incomes.

Worth checking last year's tax too.

Tease_2

Hi
Yes thats correct, there is no tax paid on pension 1, only on pension 2.
Is it best to just ring or do I need to write to them?
Thanks.

Tease_2

CLAPTON wrote: »

Your tax code has changed by the correct amount but unfortunately it is allocatd to the code with the 'L'.( i.e. your smaller pension).
As you pay no tax on this income you can't received any tax reduction.

You need to speak to the HMRC about changing the way your tax allowances are allocated between your two incomes.

Worth checking last year's tax too.

Hi
I don't really understand too much on the tax. Do mean change them so that I pay tax on both pensions?
Will they check last years tax for me, or this something I need to work out for myself?
Many thanks

CLAPTON

how much are the two pensions? (gross)
and do you receive the state pension?

Tease_2

Hi
No state pension, I'm not old enough for that!
Pension 1 is £3204
Pension 2 is £8604
Thanks

lilac_lady

I thought that having a T code means that you owe the Revenue some back tax. It this is the case (and I hope someone with more knowledge than me will advise) maybe they've taken the £60 rebate as part of their clawback???

CLAPTON

you are getting £3,905 worth of allowance against a pension of only £3,204 so you're losing out on the 701 worth of allowance (i.e. cash of £140)

so best to ask the HMRC to allocate your entire allowance against your second income.... although you will then pay tax on both pensions, you will pay less overall.


also if you want to give the figures for last year
i.e. gross income and tax code for pension 1
and gross income and tax code for pension 2
we can check whether they were appropriate.

CLAPTON

lilac_lady wrote: »

I thought that having a T code means that you owe the Revenue some back tax. It this is the case (and I hope someone with more knowledge than me will advise) maybe they've taken the £60 rebate as part of their clawback???

a 'K' code is a negative code
'T' means the HMRC will review the situation but is still positive
In the current situation only 'L' code were automatically uplifted by 60

hansoff

CLAPTON wrote: »

you are getting £3,905 worth of allowance against a pension of only £3,204 so you're losing out on the 701 worth of allowance (i.e. cash of £140)

so best to ask the HMRC to allocate your entire allowance against your second income.... although you will then pay tax on both pensions, you will pay less overall.


also if you want to give the figures for last year
i.e. gross income and tax code for pension 1
and gross income and tax code for pension 2
we can check whether they were appropriate.

Sorry I don't agree with advice re current pensions.

As pension no 1 is £3204 the OP should arrange for HMRC to allocate allowances of £3204 to the code for this pension and the balance of allowances to the code for pension no 2. In this way pension no 1 will continue to be paid without deduction of tax and all tax/rebate due will come from pension no 2.