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Childs Pension

destructer
destructer Posts: 15 Forumite
Fourth Anniversary 10 Posts
in Pensions, annuities & retirement planning
Just had my 14 year old sons NHS pension statement that he receives from my late wife and I notice that they deduct income tax at BR rate?
Is this correct? I didn't think he would pay income tax being a minor?

Comments

  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 19,060 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    Being a minor doesn't mean no tax is payable.

    But he will be entitled to a Personal Allowance so if the pension is small enough then no tax should be payable for that reason.
  • destructer
    destructer Posts: 15 Forumite
    Fourth Anniversary 10 Posts
    £600 per annum
  • Sandtree
    Sandtree Posts: 10,628 Forumite
    10,000 Posts Fourth Anniversary Name Dropper
    Has this just come into force? Pension company just does what HMRC tell them to do but HMRC can default to a code like BR initially if they don't immediately know what the right code is but it should self correct and overpayment be returned.
  • destructer
    destructer Posts: 15 Forumite
    Fourth Anniversary 10 Posts
    About 10 months into so maybe it will take a while to sort out 
  • MX5huggy
    MX5huggy Posts: 7,170 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    destructer said:
    About 10 months into so maybe it will take a while to sort out 
    No I think you need to get on to HMRC, while not a unique situation it’s fairly unusual, for example your son won’t be getting a P60 from a job closing the tax year. Does he have his NI number yet or Unique Taxpayer Reference? 
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