Hi
Newbie here, so hope I've posted in the correct forum.
I was wondering what tax I would pay on my pension, first off, for many years I used to work overseas, where when I submitted my tax to the UK government, it was under a double tax agreement from the country I was working in, where tax was paid to that country and a tax certificate provided to HMRC, my percentage of tax would be generally around 40%.
With regard to my pension, I will not be taking an annuity, my pension is worth £240,000, so 25% of that, £60,000 is tax free, so if I take that out and for the rest of the tax year I do not take any further funds, but in the subsequent years, say I only take £11,500 per year, do I have to pay tax on that sum, I was told it would be 40%, which I find hard to believe. Please note, I have not worked for the past two years and have earned no money in that time.
Regards
Pozzy
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