Company Pension Query

dunstonh

tax code BR means every penny of that income is being taxed at 20% basic rate.
132T means you can earn £132x tax free with anything above that taxed at 20% basic rate.
T means that there are potentially multiple things impacting on the tax code and is under review with HMRC

laserbeam

Have just found my last P60 This one paid me £12664.04 over the year and no tax was taken and the tax code was 166m .So if you add the five pensions together I was paid £5156.83 and tax paid was £464.24.And then there is the state pension .

AlanP_2

laserbeam said:

Have just found my last P60 This one paid me £12664.04 over the year and no tax was taken and the tax code was 166m .So if you add the five pensions together I was paid £5156.83 and tax paid was £464.24.And then there is the state pension .

If this one paid you "£12664.04" over the year how can you have been paid "£5156.83" for all 5 pensions?

laserbeam

Sorry typing error it should have read £1664.04

xylophone

Did you reach SPA before 6/4/16?

If so, what is shown on your State Pension statement for  Basic State Pension and Additional State Pension?

If after 6/4/16, what is the amount of State Pension?  Do you have a "protected payment'?

laserbeam

xylophone said:

Did you reach SPA before 6/4/16?

If so, what is shown on your State Pension statement for  Basic State Pension and Additional State Pension?

If after 6/4/16, what is the amount of State Pension?  Do you have a "protected payment'?

The answer to question 1 is yes question I receive £200.14 per week not sure what you mean by protected payment

xylophone

not sure what you mean by protected payment

This would only be relevant to you if you had reached SPA after 5/4/16 and were in receipt of an amount higher than a full new state pension.

I receive £200.14 per week

In the very simplest scenario of  income of £10,407 (SP) + £5196  ( occupational/private pensions) and no other taxable income and a standard personal allowance.

 State Pension £10,407 per annum.

£12,500 (standard single person's allowance) - £10.407 = £2093.

 £5196 - £2093 = £3013

 £3013 taxable at 20%.

Tax of £620 per annum is due.

The tax will be taken from one or more of your occupational/private pensions.