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BT pension - help please
msw01
Posts: 4 Newbie
I am currently receiving my BT Pension but is being taxed at 40% if I paid this direct into my current company pension can I avoid the tax and get the full amount or would this still be seen as income so I have to continue paying tax on it ?
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Comments
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As far as I know yes so long as it's the income from the pension and not the tax free lump sum as I think there are recycling rules around that.0
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I am currently receiving my BT Pension but is being taxed at 40% if I paid this direct into my current company pension can I avoid the tax and get the full amount or would this still be seen as income so I have to continue paying tax on it ?
It's still seen as income and you would still be liable for tax on it.
However if you pay contributions into a pension plan you are entitled to tax relief so would gain from the contribution plus the 40% tax relief on it.0 -
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