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Tax and my pension pot!
Comments
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As above, it's possible to draw that sort of annual sum and pay no income tax whatsoever! Avoiding all taxes (including VAT, etc) may be a tad more ambitious....sheslookinhot said:Theoretically, could the OP draw £16.6k per annum and pay no tax whatsoever ?
</pedantry>1 -
Thing is I dont work so have no income, does this mean I can draw to the limit of my persaonal allowance pa without paying any tax at all?0
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Plus 25% is tax free anyway .howmuch4 said:Thing is I dont work so have no income, does this mean I can draw to the limit of my persaonal allowance pa without paying any tax at all?
Suggest you reread the posts above and follow the helpful suggestions.1 -
Yes, if you have had no other taxable income in the current tax year and won't have in the rest of this tax year then you can take £12,570 (or £11,310 if you have applied for Marriage Allowance) and no tax wil be due.
You might pay some up front if you take more than £1,048 in one go but you would get it back in due course.1
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