A small question about pensions.

kencokid

I belong to the civil service pension scheme but I will be leaving soon. When I leave, will my pension be taxable and if so by how much ?

Many thanks.

mania112

Can you explain what you mean by taxable?

bigadaj

Yes subject to normal allowances.

mania112

bigadaj wrote: »

Yes subject to normal allowances.

Have you assumed he/she means pension in payment? Sort of seems like he/she is leaving work, not retiring.

kencokid

kencokid wrote: »

I belong to the civil service pension scheme but I will be leaving soon. When I leave, will my pension be taxable and if so by how much ?

Many thanks.

I will be retiring and I believe the pension which I receive will be subject to tax. Is that correct ?

kidmugsy

Yes, it's subject to income tax.

CLAPTON

pensions are considered as income and are subject to income tax just like other 'normal' income

however they are not charged NI

BobQ

kencokid wrote: »

I will be retiring and I believe the pension which I receive will be subject to tax. Is that correct ?

Is the OP asking if the lump sum (if taken) is taxable?

Is so I believe in most cases the answer is no

atush

It all depends on how much it is, and if it is over your PersonalAllowance. LS is not taxable.

xylophone

http://www.hmrc.gov.uk/rates/it.htm

Will you also be taking your state pension?
http://www.hmrc.gov.uk/pensioners/pension.htm

Brian_Mitchell

[FONT=&quot]Taxable[/FONT][FONT=&quot] [/FONT][FONT=&quot]income refers to the base upon which an income tax system imposes your tax[/FONT].