pensioned off due to ill health, work part time now 16 hours
2007-06-04 04:34:18 · 4 answers · asked by bedlay 1 in Business & Finance ➔ Taxes ➔ United Kingdom
Because you got tax releif on the contributions you made into the pension scheme.
2007-06-04 05:08:13 · answer #1 · answered by fengirl2 7 · 1⤊ 0⤋
Everybody pays tax on income above their personal allowance.
The only incoem that is tax free is from allowable savings policies such as National Savings and tax free ISAs.
Check with CAB to see if your entitled to any other allowances such as disability allowance. You did say you were pensioned off due to ill health.
2007-06-05 06:22:35 · answer #2 · answered by Mark J 5 · 0⤊ 0⤋
Because in UK you pay Tax on just about everything.
NOTE - in some Countries you do NOT pay Tax on Pensions - unfortunatly, UK Government is well aware of this, and if you try to Emigrate to such a Country they WILL steal 40% of your entire Pension Fund if you try to transfer it ...
So you will have to leave it in UK and pay UK Taxes ..
2007-06-07 05:31:58 · answer #3 · answered by Steve B 7 · 0⤊ 0⤋
And because everyone has to pay tax on income from whatever source.
The first £5300 odd is not taxed - the next small bit at 10% and the rest at 22%.
If you think that you are paying too much get in touch with your tax office
2007-06-04 13:00:44 · answer #4 · answered by Davy B 6 · 0⤊ 1⤋