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tax question
thebullsback
Posts: 630 Forumite
If I earn £19500 before tax pa and have no other income and i then have acsess to a £30000 pension pot could i withdraw 25% of the pot per year yax free??
Keep in your thoughts the poor Beasts of burden around the World and curse All who do them harm.
0
Comments
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No you only have 1 shot of the 25%.
The rest would be taxed at your marginal rate.0 -
could i withdraw 25% of the pot per year yax free??
yes and no.
You can crystallise the whole pot in year one and only get one lot of pension commencement lump sum. Or you can crystallise a bit every year and get some pension commencement lump sum every year.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
i thank you both for your help.Keep in your thoughts the poor Beasts of burden around the World and curse All who do them harm.0
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