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pensions and tax credits
billyjoy
Posts: 1 Newbie
i am 57 and thinking about taking my 20000 pension pot in whole and paying off my mortgage i am still working part time and get working tax and child tax credits for my 10 year old will doing this affect my tax credits
0
Comments
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It would, as I understand it.
You'd be adding £14700 taxable income to your annual income but, looking on the bright side, for one year only.0 -
If you cash in your personal pension, what will you live on in retirement......
State pension isn't going to cover it and you wont be able to claim means tested benefit.
I woulddo lots of research.....make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
What's the interest rate on the mortgage?Free the dunston one next time too.0
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We took an 18,000 pot from my husband's pension last year and our child tax credits went down from around £600pm to £46pm.0
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