I appreciate your answers
I am 69 years old self employed on £25,000 a year with £580.00 state pension a month. I have £38,000 private pension and I want to buy new car worth £32,000.
They told me if I cash it in full they will give me £32,000 (first 25% is free and 75% is taxable at 20%).
My question is , If I cash my pension, do I have to inform HMRC and are they likely to tax it again just like they are taxing my state pension at the moment. What about if I only take the free lump sum of £9500.
Thank you in advance
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