Taxed on Pension

Stec1603

Hello

Back in 2015 -16 Tax year, my old pension was “wound up”
At the time I needed the money and took it, subsequently I was taxed on this. My question it this:- when I was paid my salary
In 2000-2006 and paying in to this pension I was taxed
Why would I now be taxed again?
I’ve only just realised my checking this years tax on government gateway website.

Can anyone shed any light on this please?

Apologies if this should be in pension thread

Thanks
Ste

xylophone

Between 2000 and 2006 you were contributing to a pension - presumably you were receiving tax relief on your contributions?

https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief

You left the company with a deferred pension in 2006?

The pension scheme was wound up in 2016.

You took a "winding up lump sum"?

https://adviser.royallondon.com/technical-central/pensions/benefit-options/winding-up-lump-sums/

What tax did you actually pay on the money?

Stec1603

Thanks Xylophone

Sorry I wasn’t clear this was a company pension that I then left.


This is the payment for the pension

Total 30 November 2014 6,633.51 1,326.60

Dazed_and_confused

What other income did you have during the 2014:15 tax year?

And why was this paid in 2014:15, your original post suggests you received the payment in 2015:16

Apodemus

When you made payments into your pension, these were taken off your top-line salary without income tax being deducted. If you close the pension and get these payments back later, it stands to reason that you need to pay the tax back to the Government - except that you pay the tax as if the pension repayment was additional income in the year you got it back. Your figures suggest that tax was deducted at basic rate (20%), which looks correct - unless you were a higher rate tax payer or had very little other income that year.