Higher tax threshold - child benefit

xylophone

Is there any chance of transferring the money into your current pension rather than to L&G?

Hofmeister

Thanks all for comments still a bit unclear really, but i guess that is down to the fact there are no clear guidelines yet.....

X re your question, no i cannot transfer into current pension rather than L&G, i have to wait until transferred in to L&G first (at it's lovely 90% reduced rate) then into current.

There's slightly more to add, we are due to get a bonus from work next month of circa 3K, i need this money really and i had worked it all out that i was literally just under threshold when the bonus came in. Then i recieved notification of other pension payment, so i thought no problem, i will salary sacrifice the bonus straight into the pension, then take the lump sum of the pension 'compensation', so sort of creating my own transfer...make sense?
The only thing was that the lump sum was more than bonus so then took me over threshold, hence the question.
I will probably take the lump sum, sacrifice the bonus, then see what happens, if i do get affected i can state that the pension payment is a one off situation.......

I have no problem in paying what i owe, it just as i am on the threshold its a fine balancing act......

xylophone

http://www.hmrc.gov.uk/incometax/relief-pension.htm - if you took the lump sum, could you pay that into a pension and gain tax relief? Two links which might be of interest.
http://www.marketoracle.co.uk/Article32631.html
http://www.independent.co.uk/news/uk/politics/middleclass-parents-could-keep-their-child-benefit-after-all-6289049.html

Hofmeister

Thanks Xylophone, good reading material and advice appreciated:beer: