Unsure where to hold my survivors pension

Joey_Soap

Pat38493 said:

Joey_Soap said:

Could I just ask a question please? Slightly off topic but very relevant.

It's clear from gov.uk guidelines that a DC pension pot inherited after April 2015 from an under 75 at time of death is tax free under most circumstances. I am in this exact situation.

For the first time in 2022/23, I will have to submit a self employment tax return.

I believe that I won't have to declare the regular but small drawdowns I am taking from the inherited DC pension pot? Does anyone know that's correct?

I am sure that under self assessment you only need to declare things that you know are taxable?

Clearly, I have self assessed and the inherited DC pension income is not taxable. But the self employment income definitely is and will be declared.

Thank you and apologies for high jacking this thread.

I am not totally sure on this but I think that for other tax free items like first 30K of redundancy payments or taking out the tax free 25% of your pension pot, you simply don't mention it at all on your tax return, so I'm guessing it's the same for this and the pension company where you are drawing it from have to track it as if it's tax free money.  If you don't get a definitive answer here I guess you could contact HMRC or try the tax forum.

Thank you. It seems your opinion is correct. No need to show inherited DC pension benefit under circumstances where it's inherited tax free.