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Taking Money From Pension
M_Hodge
Posts: 2 Newbie
Some advice please,
I am planning on taking pension tax free sum of about £50k to pay off my mortgage. I am over 55. I am on CTC and WTC. Question is will this affect my claim in any way, and do I need to inform Tax Credits about this. TIA
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Comments
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Savings do not affect any tax credits, only interest of more than £300 affects it.M_Hodge said:Some advice please,
I am planning on taking pension tax free sum of about £50k to pay off my mortgage. I am over 55. I am on CTC and WTC. Question is will this affect my claim in any way, and do I need to inform Tax Credits about this. TIA
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Thanks for your reply.poppy12345 said:Savings do not affect any tax credits, only interest of more than £300 affects it.
So there is no need to inform Tax credits as there is no change in income, but only in capital. Just want to make sure I don't fall foul of any change in circumstances that need to be reported.0 -
As advised, it's classed as savings and will have no impact on your tax credits.
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As above, but if any change of circumstances leads to you having to claim any other means-tested benefits, then you need to check this out.1
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Newly_retired said:As above, but if any change of circumstances leads to you having to claim any other means-tested benefits, then you need to check this out.
This isn't classed as a change of circumstances that will end the tax credits award.
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True, I didn’t say it was, but maybe in the future?.....0
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Newly_retired said:True, I didn’t say it was, but maybe in the future?.....
Well, that's not what the OP is asking....
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