Do i need to declare it to tax credits?

Linsi_smith

Hiya
I recently received a large payment from my pension company as this is winding down, and i choose to take the cash payment option instead of transferring this to another company. I was wondering if i need to declare this to tax credits as i have just received my renewal notice?

I am only entitled to the basic tax credit amount and they then take this money back for an overpayment made years ago. Sorry to ask just the forms dont state anything about one off cash lump sums received.
Linsi x

zagfles

Is it taxable? If it's taxable then yes, if not then probably no.

dseventy

Given the problems with over/under payments and TC, its much better to delcare it and let them deal with the issue, rather than being left with a overpayment.

D70

Linsi_smith

Yes i was taxable.. thanks for your help. x