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Tax Credits and Lump Sum
autumn_leaves_3
Posts: 1 Newbie
Hi All,
My husband will be receiving a tax free pension commencement lump sum of 19K (just over 55 and taking early retirement) then drawing a small pension afterwards.
We are currently receiving tax credits. After carefully reading through the Income Tax Earnings and Pension Act 2003 (ITEPA 2003) it would appear from section 636A that the tax exempt part of a lump sum paid under a registered private pension scheme is disregarded as income for tax credit purposes.
Can anyone advise if this is still the case?
Many Thanks
Autumn Leaves
My husband will be receiving a tax free pension commencement lump sum of 19K (just over 55 and taking early retirement) then drawing a small pension afterwards.
We are currently receiving tax credits. After carefully reading through the Income Tax Earnings and Pension Act 2003 (ITEPA 2003) it would appear from section 636A that the tax exempt part of a lump sum paid under a registered private pension scheme is disregarded as income for tax credit purposes.
Can anyone advise if this is still the case?
Many Thanks
Autumn Leaves
0
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