Hello i have a query about my pensions,first a bit of background info
I am almost 60,and at the moment I work for the local council as a driver,I have been paying into the lgps for almost 27 years and meet the 85 year rule. I am also in receipt of a pension from my previous job as a bus driver where I was pensioned off on ill health.I have been in touch with the LGPS and had my pension forcast which is excellent for me ,so i will be receiving two pensions at 60 if i decide to leave
Pension 1 £3200 per anum (bus)
pension 2 £6600 per anum (council)
total £9800 per anum approx
I am aware that this unearned income is under the £11000 personal allowance so i will pay no income tax,however i may consider looking at some sort of part time work in the future so
My question would be how would i be taxed,
will i be taxed at 20% on both pensions ( would that then be 40%) and also taxed on my part time work.
The pension i receive at the moment------on my monthly statements my income tax is nil but i pay that tax out of my council wages each month,but i have learned that if i get two pensions then my allowance will go to the highest income.
I am really confused don't know what to do for the best any help in layman terms would be very helpful.
I can supply more info if this is needed
They say tax does not have to be taxing ,i beg to differ at the moment!!!!
Thank you
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch