One of my annuities paying 40% tax

bullinn1

I certainly will - the least I can do ...

greenglide

sorry the 5th annuity I cashed in a while back it was tiny

Is that "cashed in" as in took a lump sum instead of regular payments? If so this would be taxable.

How long ago was "a while ago"?

Are the collecting arrears?

bullinn1

6 years ago and tax was payed ...

bullinn1

Good morning one and all ... spoke to a very helpful young lady who had to get through snow to get to work !

It seems somehow my Scot Eq pension which is paid in a lump sum in arrears (£3,800) had been recorded as a monthly £3,800 not £320 so hopefully this is now resolved.

Many thanks again for all the helpful advice ..... Roger

xylophone

It seems somehow my Scot Eq pension which is paid in a lump sum in arrears (£3,800) had been recorded as a monthly £3,800 not £320 so hopefully this is now resolved.

https://forums.moneysavingexpert.com/discussion/5452445

Hi guys firstly thank you all for your support and help. I have had a chat with esa this morning and it turns out that my mother in laws pension of £3022.11 per year had been put in as a month. As my mother in law says it would be nice. Again thanks guys.

Errors to the right of them, errors to the left of them....:eek:

jem16

rogertb wrote: »

It seems somehow my Scot Eq pension which is paid in a lump sum in arrears (£3,800) had been recorded as a monthly £3,800 not £320 so hopefully this is now resolved.

Have you been told what your new tax codes will be?

bullinn1

Am awaiting that info ... I'll get back.

surbitonian

My wife had a similar problem when she started to take her pensions. HMRC just went ahead and slapped a 40% assessment on each of her pensions. She was still earning a salary but her total income (salary + pensions) did not bust the 40% threshold. We documented a simple table for HMRC showing projected yearly income for each pension and salary with a request to apply her Personal Allowance to her salary and to tax her pensions at 20%. They were very compliant and it was all settled within a month or so.