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tax implications
mc711111
Posts: 29 Forumite
i am taking my private pension from the 1st of june - i am currently working full time but not much over minimum wage
pension will be about £8000 pa - what are the tax implications for my working income
will i need to reduce my hours
pension will be about £8000 pa - what are the tax implications for my working income
will i need to reduce my hours
0
Comments
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As you will currently be paying tax on your income the pension should be taxed at BR, 20%. There should be no effect on your employment income, you will just have an extra £123 per week to spend. You will need to ensure that the tax office are aware of the pension and tax you accordingly, don't leave it in the hope they will get it right !!0
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