We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
How to calculate and pay tax on pension withdrawal
Comments
-
No option to just stump up the grand ( which is the amount I expected ) ?molerat said:If you are already a 40% tax payer then tax of £4000 was due on that payment. You had £2952 deducted so owe another £1048. There is not much you can do about it now. HMRC will reconcile 23-24 later in the year and adjust your tax code to recoup any underpaid tax. Look on it a an interest free loan.0 -
They only usually issue a simple assessment, otherwise known as a bill, if there is no other way of collecting it or it is over £3K. Otherwise it is usually carried forward to the following tax year. https://www.gov.uk/tax-overpayments-and-underpayments/if-you-owe-tax
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353K Banking & Borrowing
- 254K Reduce Debt & Boost Income
- 454.8K Spending & Discounts
- 246.1K Work, Benefits & Business
- 602.2K Mortgages, Homes & Bills
- 177.8K Life & Family
- 260K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards