2 Pensions - Tax Codes?

cherub2008

Please will one of the HMRC experts tell me how my personal allowance of £7475 will be split between 2 pension providers so that I do not pay tax for the year 2011/12. ie. what coding notices should each of my pension providers be given by HMRC.


I have scoured the HMRC website but the worked examples only show whether or not tax is payable and I already know that I will be a non taxpayer. The figures are as follows:-

Pension 1 (occupational) £4173 pa
Pension 2 (annuity) £2540 pa
Gross Interest on savings £ 600 pa
Total income 2011/12 £7315 pa

I will be completing an R85 so that I may receive gross savings interest from my bank.

(No State Pension will be payable until 2012/13 when I will be liable for tax again).

Your help is appreciated.

Carole

ceeforcat

The annuity is presumably fixed - ask HMRC to allocate 2540 of your personal allowance against it. You should be contacting HMRC to operate code 254T against that and 493L against your main pension. Contact the office dealing with your occupational pension.

cherub2008

Many thanks - yes, the annuity is fixed and the occupational is RPI linked.

This is my first tax year with these pensions and no salary, having recently retired, so splitting codes is new to me.

It's good to have the info in advance of speaking to HMRC.

Carole