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Tax situation for interest paid on 'compensation' of additional pension bought in teachers pension
hellodollyvintage
Posts: 1 Newbie
Dear All,
Apologies if this has already been covered:
I have decided to take a lump sum additional payment back out of my teachers pension (following the judicial review changes to the transitional period) in the form of compensation. Tax has been deducted by the Teachers Pensions Scheme, but there is an element of interest added to the compensation payment. Do I have to declare the interest to HMRC for tax purposes? Is there a link on HMRC's pages that will give me a definitive answer to this question? Many TIA.
Apologies if this has already been covered:
I have decided to take a lump sum additional payment back out of my teachers pension (following the judicial review changes to the transitional period) in the form of compensation. Tax has been deducted by the Teachers Pensions Scheme, but there is an element of interest added to the compensation payment. Do I have to declare the interest to HMRC for tax purposes? Is there a link on HMRC's pages that will give me a definitive answer to this question? Many TIA.
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Have they paid you 8% or 8% less 20% income tax?0
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