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!
AVC's and Income tax
Boltonlass
Posts: 47 Forumite
My Husband is 55 yrs old and would like to retire in 2 years time.
We are about to pay off our mortgage with a lump sum that I have recently received due to ill health retirement.
We will consequently have £400 spare each month to put into savings.
My husband pays 40% income tax, with a salary of £42,000.
If he chooses to put the £400 into in house AVC's, paying direct from his salary, would this reduce his income tax to 22%?
We are about to pay off our mortgage with a lump sum that I have recently received due to ill health retirement.
We will consequently have £400 spare each month to put into savings.
My husband pays 40% income tax, with a salary of £42,000.
If he chooses to put the £400 into in house AVC's, paying direct from his salary, would this reduce his income tax to 22%?
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
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards