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Tax Code
I am retiring in June 2026. Currently, I work part-time. I also have my state pension. and a small private pension that I receive once a month, it's taxed at source at basic rate.
I pay tax on my part-time earnings, and the tax code for that is 66L
Should my private pension be taxed at basic rate ?
Also, when I retire in June, will I receive a tax rebate?
Comments
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Not enough information to answer definitively, it will depend on how much your private pension pays when added to your state pension. 🤔
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You are unlikely to be due a tax rebate from HMRC.
But if from June you will only have the small private pension and your State Pension, its likely that your main tax code (66L) can be moved to your small private pension and you will start paying less tax on that pension.
That assumes you won't have a new pension starting this year.
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Hi 0161a. You may find the following guidance pages of our website useful.
PAYE codes | Low Incomes Tax Reform Group (this links to the change in circumstances section.)
Tax on pension income | Low Incomes Tax Reform Group
Hope this helps!
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I am an official representative of LITRG (Low Incomes Tax Reform Group) part of the Chartered Institute of Taxation who are an educational charity. We are not part of MSE or HMRC. MSE has given permission for me to post on the Forum but this does NOT imply any form of approval of my organisation or its products by MSE. We can’t give individual advice, but if you require further help, we recommend that you contact a tax adviser, HMRC or one of the tax charities where relevant. You can find more information about where to get help with tax here. If you believe I am posting inappropriately please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"0 -
How much is your state pension at the moment ? Usually paid four weekly.
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