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Taking money from a SIPP - Tax implications?
degs88
Posts: 79 Forumite
I'm retired and taking my pension from the LGPS. I'm basic rate tax payer. I have small SIPP that i havent touched yet. If I take money as a lump sum from the 75% taxable element of the SIPP do I have to be careful that I don't go into the higher rate tax band for some of it?
0
Comments
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The taxable element of the SIPP is simply taxable income so yes it could take you into the next tax band.1
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Thank you.0
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You might find this calculator of use
https://www.direct.aviva.co.uk/myfuture/PensionWithdrawalTaxCalculator0
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