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Sam
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Category: UK Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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How much tax will I have to pay on my teachers pension

Resolved Question:

How much tax will I have to pay on my teacher's pension?
Submitted: 4 years ago.
Category: UK Tax
Expert:  Sam replied 4 years ago.
Hi JACUSTOMER

Thanks for your question

Could you advise how much your teachers pension is - and any other incomes you may have - with the amounts (such as employment,self employment.state pension, pensions of investment income)

I also would need you date of birth - to establish whether you are due age related allowances

Thanks

Sam
Customer: replied 4 years ago.
My pension will be £44,590.My date of birth is 13-04-1953
Expert:  Sam replied 4 years ago.
Hi

Thanks for the additional information

As you are not yet 65 (way off yet!) you will only be due the basic personal allowances.

So Pension £44590
Less Tax free 6475
Liable to tax 38115
Liable to 20% tax 37400 x 20% = £7480.00
Liable to 40% tax 715 x 40% = £ 286.00

Total tax due per year £7766 and per month £647.16



Thanks

Sam
Customer: replied 4 years ago.

I'm sorry I have given you the wrong figures!! the £44 590 was my "lump sum"!!

could you please work out the tax on my annual pension of £14,863 ?!!

Expert:  Sam replied 4 years ago.
HI JACUSTOMER


Thats not a problem !

Annual Pension £14863
Less Allowances 6475
Liable to tax 8388 x 20% = £1677.60 a year
So £139.80 a month

Thanks

Sam
Sam, Accountant
Category: UK Tax
Satisfied Customers: 12814
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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