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New state pension, private pension & tax forms?
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The official budget announcement referred to the State Pension being someone's "sole" income.mcbishere said:In response to Flaneurs,
Although I wouldn't say no, you are right that wouldn't happen. I am just pondering the fact that after the next rise most SP will then be over the now static PA, and in theory you should pay tax on the part over the £12570. So far, so hmm. But then the chancellor says that the part over the threshold would not be taxed (unless I misunderstood). So I am trying to work out if you then earn in some way anything else, that would be taxed as normal (including any drawdowns), but I was curious if the "extra" SP that she said will not be taxed will then get added to other earnings and get taxed after all, or whether that part will remain tax exempt, and the tax applied only to the additional earnings. It was just me trying to get it clear in my mind, though as others have said, nothing is final yet anyway. Probably just have to wait and see.
Nothings more certain thn death and taxes they say.
But thanks to you all for taking the time to reply
That presumably meant taxable income so if you earned some additional income the new rules wouldn't apply to you.
But whether that will be the final outcome is anyone's guess.2
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