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Lump sum or Monthly
roman321
Posts: 7 Forumite
in Cutting tax
Apologies if incorrect forum.
On drawdown where pension provider tells me I have taxcode of 300L cumulative (they were advised by HMRC) and GOV website confirms I will have £3k tax free .
Will I get "taxed" if I withdraw £3k in one go ( because of the tax tables calculation etc) or best to withdraw £250 per mth for the next 12 mths and assume will get this net amount.
HMRC is a bit busy as you would expect dealing with more urgent enquires.
On drawdown where pension provider tells me I have taxcode of 300L cumulative (they were advised by HMRC) and GOV website confirms I will have £3k tax free .
Will I get "taxed" if I withdraw £3k in one go ( because of the tax tables calculation etc) or best to withdraw £250 per mth for the next 12 mths and assume will get this net amount.
HMRC is a bit busy as you would expect dealing with more urgent enquires.
0
Comments
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If you withdraw £3,000 this month, you will only get £250 allowance set against it. In Month 1, a cumulative L code works in the same way as a non-cumulative T code.1
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Thanks for the info0
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