tax year state pension

Dazed_and_C0nfused

This shows 52 weeks is possible in some situations.

https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye76030

As 6 April 2024 was a Saturday it is definitely possible for 2024-25.

molerat

Dazed_and_C0nfused said:

This shows 52 weeks is possible in some situations.

https://www.gov.uk/hmrc-internal-manuals/paye-manual/paye76030

As 6 April 2024 was a Saturday it is definitely possible for 2024-25.

You should be aware that there may be some instances where the amounts notified by the DWP are not representative of the true annual figure. Where a pensioner notifies you of a different figure, code the amounts advised by the pensioner.

So glad that tax isn't complicated

patsy43

molerat said:

Once pension is in payment and into year 2 you are not paid in days / part weeks, it is full weeks - part weeks are only applicable to year 1 and when you die.  So 22-23 was £175.98 and 23-24 is £193.76 per week.  52 x £193.76 = £10075.52. It looks like they use the new 52 week figure (rounded) for populating the form instead of the 1 + 51 method of £10057.74.

thanks have been trying to work it out for ages should I change the figgier as have privet pension so pay tax well it be the same every year from then on so well have to change every year 

Dazed_and_C0nfused

patsy43 said:

molerat said:

Once pension is in payment and into year 2 you are not paid in days / part weeks, it is full weeks - part weeks are only applicable to year 1 and when you die.  So 22-23 was £175.98 and 23-24 is £193.76 per week.  52 x £193.76 = £10075.52. It looks like they use the new 52 week figure (rounded) for populating the form instead of the 1 + 51 method of £10057.74.

thanks have been trying to work it out for ages should I change the figgier as have privet pension so pay tax well it be the same every year from then on so well have to change every year 

As it is 48 pence different, a likely tax difference of less than 10 pension is it worth your effort?

patsy43

10076.00 pounds mines

10057.74.= 18.26 pounds so 3.65 tax
=

Annemos

Maybe this might help?  HMRC Community: Go to Page 2.  

Someone called Gary C wrote this reply and it was considered to be a good explanation: (This person he replied to had started getting their pension in this tax year.) 


"My understanding is that the state pension is a weekly benefit paid in arrears, which accrues when each weekly payment falls due, so the accruals basis would be weeks, not days. The law also provides that at commencement and "the other end" the weekly benefit is apportioned to days - this is the only time that provision is made to pay part weeks, which supports my understanding that it is a benefit that accrues on a weekly, not daily basis.

 So, I would consider the amount to enter on the return, is the first payment received (that part-week plus a number of other weeks), plus all 4-weekly payments received in the tax year, plus the number of full weeks accrued between the final 4-weekly payment and 5 April." 



(Very long chain!) 

https://community.hmrc.gov.uk/customerforums/sa/d47253c8-642d-ee11-a81c-000d3a8751e3?msCorrelationId=ccdcd0da-9363-456c-88c2-df0c0b305ce8&instanceId=51d2b344858fe2c529d1ebf3dd54182f8ef76799f0c4f6278b03f9d2abbd621f&tenantId=ac52f73c-fd1a-4a9a-8e7a-4a248f3139e1&portalId=e1cfc2ea-2de6-4c96-8e99-76600a349358&orgId=13212d7e-6a5d-4598-95ba-4a07545dbb67&environmentId=302efd07-28d9-4d2d-b558-96167951ad6a&portalApp=site-e1cfc2ea-2de6-4c96-8e99-76600a349358-UKw&portalType=Community%20Forums&portalProductionOrTrialType=Production&licenseType=Dynamics365&portalVersion=9.6.5.5&islandId=101&portalDomain=https%3A%2F%2Fcommunity-origin.hmrc.gov.uk&page=2