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  • FIRST POST
    • 1sadoldlady
    • By 1sadoldlady 13th Mar 17, 7:49 PM
    • 4Posts
    • 2Thanks
    1sadoldlady
    Tax Credits and lump sums
    • #1
    • 13th Mar 17, 7:49 PM
    Tax Credits and lump sums 13th Mar 17 at 7:49 PM
    Last year I took early retirement from the NHS and took my pension lump sum.
    This I have completely spent towards my mortgage
    I currently get child tax credits do I declare my lump sum at my next renewal and will this affect my benefit
    Many thanks for any advice
Page 1
    • marliepanda
    • By marliepanda 13th Mar 17, 7:51 PM
    • 5,622 Posts
    • 11,790 Thanks
    marliepanda
    • #2
    • 13th Mar 17, 7:51 PM
    • #2
    • 13th Mar 17, 7:51 PM
    Was it a taxable lump sum? I believe tax credits looks at taxable income?
    • 1sadoldlady
    • By 1sadoldlady 13th Mar 17, 7:55 PM
    • 4 Posts
    • 2 Thanks
    1sadoldlady
    • #3
    • 13th Mar 17, 7:55 PM
    • #3
    • 13th Mar 17, 7:55 PM
    My lump sum was tax free however my monthly pension is taxable.


    Thanks for replying
    • Icequeen99
    • By Icequeen99 13th Mar 17, 8:00 PM
    • 3,534 Posts
    • 2,393 Thanks
    Icequeen99
    • #4
    • 13th Mar 17, 8:00 PM
    • #4
    • 13th Mar 17, 8:00 PM
    My lump sum was tax free however my monthly pension is taxable.


    Thanks for replying
    Originally posted by 1sadoldlady
    It won't count for tax credits but your monthly pension will (less 300 disregard for the year)

    IQ
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