tax code help

goondie

I live in Australia.
I have two small pensions no more than 1200 Pounds P.A.
One pension started in December when I turned 65 and I have just got my P60 from the pension admin and it shows I have a tax code of 19T which means I'm paying more than 10% in tax on that one fund.
Could anyone tell me what this tax code means and why I'm paying so much tax on such a small pension amount?
Thanks in advance

BoGoF

Do you receive state pension?

goondie

no state pension, just two small pensions from past employers.

drumtochty

The code says you can earn £190 a year tax free or £16 a month all pension payments above that tiny value charged at 20% tax.


The T at the end advises that the persons total earnings will be reassessed at tax year end, April 5 2019 and any under or over payment will be processed then.


In the UK every month your employer or pension provider informs HMRC of your monthly earnings and also the Tax and NI deducted on these wages and pensions.


Therefore if you have not done so already you should inform HMRC of your bank account details.

goondie

Thanks drumtochty that helps me understand.