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!
Pension/Tax Can this be right?
maggi1
Posts: 15 Forumite
Hi, My husband and I were made redundant from local authority jobs in June. Our current income is his pension and I am allowed to claim contribution based JSA until December. This month is the first time he has received what will be his monthly pension. These are the figures: Annual pension £10642. Monthly Gross 886.90. Tax for this month £177.20. Monthly payment Net £709.70. He is 63 years old. On his pay advice the tax code states BR 1. We don't know what this means. He received the info today so haven't been able to check with anyone. Does this sound right?
Thank you
Thank you
0
Comments
-
Tax code BR (Basic Rate) means that he is being taxed at the basic rate of 20% on all of his pension income, ie the tax office has not applied his allowance to this income.
Unless he has some other income on which his allowance has been 'used up', he needs to get in touch with his Tax Office - the contact details are probably on the pay advice somewhere.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards