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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
K tax code
Comments
-
Hello, Thanks for the replies.
I did have a lump sum from my NHS pension as part of the retirement. It was for £18,557.53, nowhere near £30,000.
I also had notification in 2005-2006 tax statement, that I had underpaid £286.18 from previously recieving my allowance twice according to the tax man.
They were going to deal with this in the 2006-7 tax calculation so I assume that was done.
And.... yes my state pension is £7865 as you say0 -
And.... yes my state pension is £7865 as you say
Personal allowance £6475 minus State Pension of £7865 = Minus £1390 which translates to a minus code of K139 (suspect the State Pension is a pound or so less than £7865 ..... to give rise to K138??)
Which means the State Pension absorbs all your personal allowance (and more) ...... leaving you paying 20% on the whole of your NHS pension. In which case Code BR on the private pension (all taxed at 20%) is correct.
No need of an accountant?If you want to test the depth of the water .........don't use both feet !0 -
Well done Mikeyorks, very well explained.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards