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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
All all the money out of a pension pot
J_forest
Posts: 70 Forumite
Hello,
If a person aged 60 wants to take all money out of his private pension pot and pays tax on the 75% of the pension whatever the tier it is on, and he doesn't have any other income. Will the person still have to submit self-assessment in the tax year?
Many thanks.
If a person aged 60 wants to take all money out of his private pension pot and pays tax on the 75% of the pension whatever the tier it is on, and he doesn't have any other income. Will the person still have to submit self-assessment in the tax year?
Many thanks.
0
Comments
-
Will the person still have to submit self-assessment in the tax year?Depends on the size of the pension.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Even if it's a huge pension it may not longer be necessary as the criteria have changed again for 2024-25 onwards.dunstonh said:Will the person still have to submit self-assessment in the tax year?Depends on the size of the pension.
https://www.icaew.com/insights/tax-news/2023/nov-2023/self-assessment-criteria-are-changing0 -
Thank you both for the advice
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards