Annuity

keira_3

Hi,
Hoping someone out there can help me. My father retired some 10 years ago now and for the past four years has ben suffering from cancer. He has an annuity that looks like it is with CIS. He's received a P60 for 2008 and tax to date is £1872.80. Is he entitled to this back. Don't know anything about annuities so not sure what to do. Any advice would be greatly appreciated.

Thank you
Keira

CLAPTON

it depends upon his total income and his age.

you would need to list each of his incomes, how much tax (including State pension, his annunity, savings interest (except ISAs) etc.

also what is his tax code on the P60.

how old is he?

bigbloke45

An pension annuity is treated exactly the same as earned income. A purchased life annuity has a capital content which is not subject to tax; I suspect that you are talking about a pension annuity. Clapton is correct. If you think he mihgt be overpaying tax then telephone the Inland Revenue and discuss it with them (they are actually quite helpful nowadays).

If he is paying too much they will send you a form to complete. Don't foget previous years! I think you can go back six years.

Good Luck to you both.

keira_3

His tax code is 754T and hes 75 years old. Thanks everyone for your advice, I will ring the tax office tomorrow.

Keira

bigbloke45

I really hope that we have helped you.

Come back if you need any more suggestions.u