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All all the money out of a pension pot
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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.
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Comments
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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
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