We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Tax and NI on small pension
jakkigers
Posts: 20 Forumite
in Cutting tax
I am taking early retirement next year and will get a pension of £5500 per annum. This will be my only income. I will be 52. Will I pay any income tax or NI on this? Thanks in advance.
0
Comments
-
If your income over the tax year is less than the personal allowance (£6475 in 2009-10) you won't have to pay income tax . And if your only income is a pension you won't have to pay any NI contributions.
If you have savings, and the total of your pension plus savings interest is less than the personal allowance, make sure you get the interest without tax being deducted.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards