If you pay in for a private pension at work, you of course pay tax on all.
But do you have to pay tax on it AGAIN when you finally retire and get to receive it???????
2007-03-24 08:17:46 · 10 answers · asked by SUPER-GLITCH 6 in Business & Finance ➔ Taxes ➔ United Kingdom
you will pay tax on your pension if you you are over the allowed tax allowance per Annam i think the annual allowance is around 3500 per tax year.
You should however be able to take up 25% lump sum of the value of your pension which will be tax free.
2007-03-24 09:52:02 · answer #1 · answered by kdp_1965 1 · 1⤊ 0⤋
Pension contributions aren't taxed. Tax is deducted after the pension contributions have been taken off. So you only pay income tax once on this money.
Sad how some people will answer any question with some racist crap! I'm talking about you, Ting Tong.
2007-03-24 15:50:36 · answer #2 · answered by Anonymous · 1⤊ 0⤋
If you are paying into a personal pension straight from your payroll, it is taken before tax is calculated.
If you are paying yourself, you can claim tax relief on the payments. Your pension company can provide you woth a form to complete that will allow them to claim the tax back from the government and add it to your pension.
2007-03-24 15:50:35 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I thought we were taxed after the Pension contrib had been deducted!?
Anyway, we are all being robbed all the time, what can we do? Pensions wont be worth much (uk) by the time we retire.
2007-03-24 15:28:22 · answer #4 · answered by missBambi 3 · 1⤊ 0⤋
Indeed you do. If you weren't being taxed on any imaginable pretext, how would the government have so much money to throw away on poorly managed IT projects, or to just burn on PFI payments?
2007-03-24 15:26:04 · answer #5 · answered by Al_ide 4 · 1⤊ 0⤋
I wouldnt be suprised if you said you were getting taxed for breatheing to be honest!
2007-03-24 15:20:46 · answer #6 · answered by sweetstuffturk 1 · 1⤊ 0⤋
yes,uk tax upon tax
2007-03-24 15:19:53 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Yes, we are being robbed.
2007-03-24 15:19:55 · answer #8 · answered by jeanimus 7 · 1⤊ 0⤋
well how do you think all them bone idol foreigners can afford to lie round like loppy dogs....you don't think money grows on trees do you?
2007-03-24 15:29:18 · answer #9 · answered by Anonymous · 0⤊ 2⤋
You are not alone.
2007-03-24 15:20:18 · answer #10 · answered by taxed till i die,and then some. 7 · 1⤊ 0⤋